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Why Cardano May, not Mirror the Price Rally it Underwent After the Alonzo Hard Fork Ahead of Vasil Hard Fork?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 1, 2022

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Highlights

    Cardano is believed to deliver everything it set out and the ADA prices are likely outperform in the upcoming bull run

    Moreover, the Cardano Vasil hardfork which is just some weeks away, may build a strong bullish scenario for ADA price rally ahead

    The ADA price positions appear to well positioned but the bulls are required to face a serious test very soon

Cardano has lost more than 40% of its value since the beginning of this month, but still, the crypto-verse is still bullish on the ADA price. Now when the fresh monthly trade has ignited with a significant bullish move, the upcoming Vasil Hard Fork may turn the tables for the asset. It is believed to improve the scalability and usability of the network. 

However, the price was severely impacted negatively soon after the Alonzo Hard Fork and since then the IOHK, EMURGO & the Cardano Foundation have elevated their development efforts. And hence, the Total Value Locked (TVL) has flipped in the last few days of May that stand at $144.78 million at the press time. 

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The growth of the various DApps locked on the Cardano blockchain has deeply impacted the ADA  price. And hence, as a result, the ADA price has surged by nearly 35% in the past couple of days. Moreover, the TVL kept on rising even in times when the price remained either consolidated or depleted. 

Hence it indicates that the ADA price is not linked with the interest of the crypto-verse in the blockchain developments. However, the recent market crash fueled by the LUNA-UST crisis has dragged the TVL also along with the price. 

On the other hand, the blockchain has enough liquidity compared to the previous forks as nearly five decentralized exchanges have driven huge liquidity since the beginning of 2022. The DEX’s like Minswap(MIN), SundaeSwap(SUNDAE), MeowSwapFi(MEOW), ADAX Pro(ADAX), & MuseliSwap(MILK), witnessed a significant surge. 

Therefore, now that VASIL Hard Fork is just weeks away, the ADA price could get a notable boost. However, the price may not witness such a steep plunge as it happened previously during the Alonzo Hard Fork. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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