By Franklin Smith
Cardano (ADA) eventually sees amplified trading activity following some weeks of underperformance and dormancy. Also, whales show interest in the digital token after dodging it over the past few weeks. The renewed ADA market interest indicated the surging excitement within the Cardano activity as the Vasil approaches.
While publishing this content, ADA traded about 10% up within 48 hours, and the hike came after developers confirmed the Vasil upgrade’s official launch date. Cardano recorded optimistic actions after the date confirmation. The token’s velocity metric recorded its highest jump one-day before the announcement. That represented the highest uptick seen within the past 30 days.
Cardano’s social volume also noted the highest uptick within the past 30 days (during the upgrade date confirmation). As anticipated, this drew lots of traction, especially from large wallet investors.
ADA whale transfer count recorded a substantial uptick within the past two days. That confirmed renewed interest in Cardano, with the community waiting for the Vasil fork. Whales are purchasing the news. And that could authorize more upside potential ahead of the Vasil.
Will Bulls Persist?
This question could linger among most ADA enthusiasts. The altcoin’s press time price remains far from the 2021 all-time high. The new update will come nearly one year after Cardano’s Alonzo, which introduced ‘smart’ contract capabilities. Nevertheless, the alternative token slumped after last year’s update – against expectations.
Can we expect similar narratives this time? Remember, the previous update happened when the token explored levels around its all-time highs. Meanwhile, the Vasil upgrade would find Cardano around range lows. Moreover, ADA has lost 83% over the past year.
Also, Cardano’s Vasil hardfork comes when the market endures downturns. BTC remains under the $20K mark during this publication, changing hands at $19,766.34. Such an environment would hinder uptrends in crypto assets.
Final Thought
Resurged investor interest means Cardano could witness more uptrends days leading to the Vasil update (September 22). It remains unclear whether the anticipated upgrade will catalyze further upsides because of several other factors. Thus, investors should watch the benefits the upgrade brings to the Cardano market and long-term growth and demand.