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Cardano price unmoved by Vasil upgrade despite ADA social mentions hitting record high

Cardano price unmoved by Vasil upgrade despite ADA social mentions hitting record high
Paul L.

The Vasil hard fork has emerged as one of Cardano’s (ADA) necessary and important network updates that have been touted to improve the blockchain’s performance and establish it as a formidable decentralized crypto project.

The run-up to the upgrade has resulted in significant interest in Cardano from the crypto community. Indeed, as of September 23, ADA’s daily social mentions hit 52,470, a record high over a 90-day period. In total, ADA has recorded 2.32 million social mentions, according to Lunar Crash data

Cardano social mentions. Source: Lunar Crash

Interest in Cardano has generally mirrored the increased development activities on the network as it moves to become an ‘Ethereum killer’.

Interest in ADA spikes ahead of Vasil hard fork 

The correlation between the ADA’s social mentions and the Vasil fork should not come as a surprise, considering that the network upgrade is viewed as a bullish event for the cryptocurrency. 

Notably, with the broader crypto market volatility, ADA is potentially considered among the digital assets likely to pull the sector out of the bearish momentum.

At the same time, the uptick in social mentions appears to have ignored any previous concerns regarding the Vasil hard fork’s delayed rollout due to alleged software testing and bugs. Notably, Cardano’s development has progressed slowly as the team seeks to remain cautious. 

Interestingly, Charles Hoskinson, the founder of Cardano, had ascertained that the Vasil upgrade is not for the ‘average Cardano user’ while dismissing criticism for the delay. 

Despite the Vasil hard fork’s significance, ADA has yet to record any price boom. However, there are projections the upgrade will positively influence the value of ADA in the future. 

ADA price analysis

In this line, the update set to improve the smart contract features and enhance security is viewed as a bullish trigger for the asset. For instance, over 24 hours after the upgrade, the value of ADA has recorded minor gains, but it’s still outweighed by the impact of the general crypto market price correction. 

By press time, the asset was trading at $0.45, gaining about $0.5 in the last 24 hours. On the weekly chart, ADA’s price peaked on September 18 at $0.48. 

ADA 7-day price chart. Source: CoinMarketCap

Furthermore, ADA has failed to break past the $0.5 resistance, pushing the price back to around $0.45. However, despite the positive network development, signs of breaking out appear bleak, considering the prevailing bearish sentiments. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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