Cardano (ADA) Fails To Claim Bull Run, Yet Community Holds On, Here Is Why

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On September 22, Cardano, a smart contract platform, experienced its much awaited Vasil hardfork which aims to boost up the network’s performance and capability. Just before the launch of the Vasil hardfork there were speculations that it will turn out to be one like Ethereum merge where ETH dropped after the Merge. However, Cardano’s native currency, ADA too followed ETH path as ADA didn’t surge after the incident.

Meanwhile, Cardano network has come with a few developments for the network. Though the Vasil hardfork was launched on September 22, the hardfork was made completely available to developers today, September 27th. This hard fork comes with a promise to support reference inputs, collateral outputs and much more.

Tomorrow we will see the rest of the Vasil improvements upgraded on to the Cardano Mainnet! This is bringing the rest of the upgrades for Plutus 2 along with CIP 31-33! Developers will now be able to build and launch all of their projects beginning the new era of Cardano Defi!

— Lucid (@LucidCiC) September 26, 2022

Also Rick McCracken DIGI, the one who implemented DIGI stake pool on Cardano network shared his below mentioned observation via Twitter on September 26th.

Babbage era day 3 (post-Vasil CUE on #Cardano )
Happy raindrops
Network sync 99% + consistently
Block height reports from 349 volunteers
Block propagation typically ~300 milliseconds
(down from about 1600 milliseconds)
#goingfornumber1 https://t.co/ZA3WIh7Nv2 pic.twitter.com/Yr2CrKoYjq

— Rick McCracken DIGI (@RichardMcCrackn) September 26, 2022

ADA Inflows Amidst Bear Market

At the time of publication, Cardano is selling at $0.44 after a plunge of 0.65% over the last 24hrs. The immediate resistance for the currency lies at $0.55 around which the future price action of the currency lies.

These developments are the reason that the ADA community is still holding on to the currency in spite of its poor performance.

On the other hand, Cardano network is experiencing huge inflows from its investors and this is confirmed by CoinShares’ report that states inflow of $100,000 ADA in blockchain-focused crypto products.