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.
The #VasilHardFork has successfully gone live sending #cardano's social activity to All-Time Highs!$ADA social mentions measured daily hit 52.47K, the highest point in the last 90 days
— LunarCrush (@LunarCrush) September 23, 2022
Might this be a signal of peak interest at these levels?
Insights: https://t.co/KLz8eGBY3V pic.twitter.com/7dsz0qr8l7
Interest in Cardano has generally mirrored the increased development activities on the network as it moves to become an ‘Ethereum killer’.
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 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.
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.
