ADA’s price has soared in the past few weeks. Cardano’s coin has seen a 27.20% rise in its prices since 26 July.
With the Vasil hard fork just around the corner, there is a possibility that the price will continue to rally till the completion of the hard fork is announced.
Source: TradingView
Well, this is not the only good news for ADA holders- there has also been a spike in the transaction count recently.
Even though there has been some volatility in the past with the number of transactions being made on the ADA network, it appears that the number of transactions is going on an upward trajectory.
From 60.0k transactions, the number has gone all the way up to 80k transactions in the past week.
One of the reasons for the increase in the transaction volume could be the decrease in ADA’s gas fees which have been on a steep decline since May.
Source: Messari
Even though there are some bullish markers that can be seen, there has been a lot of FUD regarding the official date of the Vasil hard fork.
But the founder of Cardano, Charles Hoskinson has reassured the community that things are going smoothly.
In a recent video, Charles Hoskinson stated that “Vasil is looking good” and “Testers are pretty happy with it as well”.
The hype of it all
These statements seem to have calmed the uncertainty of traders and investors alike and have also led to a buzz on social media.
A huge spike can be seen in the number of social media mentions. The increase in social media mentions of ADA and the subsequent hype is expected to grow further till the Vasil Fork officially happens.
Source: LunarCrush
Well, the social media hype has been positive, with investors banking on a meteoric rise in price.
With multiple people capitalizing on the Vasil hard fork going according to plan and on time, the pressure appears to be on the development team.
Based on development activity alone, ADA stands second amongst all other altcoins implying that the developers have been working tirelessly to make the Vasil Fork a reality.
Will there be a huge rally in ADA’s price after the fork, or is this just another case of buying the rumor and selling the news? That remains to be seen. However, it does seem like a huge number of investors are banking on the former event to come true.