Cardano Vasil hard fork 35% away from finish line, ADA holders eye the prize

• Cardano developers at Input Output Global await the upgrade to 1.35.3 in 75% nodes on the network. 
• The long-awaited Vasil upgrade is aimed at reducing transaction size on the Cardano blockchain and high network activity at low cost. 
• Cardano price is prepared for a massive uptick post the Vasil hard fork, according to analysts. 

Cardano’s long-awaited Vasil upgrade is set to reduce transaction size and lower cost for ADA holders. The altcoin is prepared for a rally post the much anticipated event mid-September 2022. 

Also read: Cardano price: Vasil hard fork knocking on the door, buy the rumor?

Cardano Vasil hard fork development is on track

Cardano’s game-changer update, the Vasil hard fork, is on track according to developers at Input Output Global. Developers shared the status of Vasil hard fork’s development in a recent tweet. While 40% of nodes currently run version 1.35.3, the IOG’s target is 75% ahead of the Vasil hard fork. 

SPOs/ nodes upgraded to version 1.35.3

Sentiment among Cardano holders remains positive as the altcoin establishes its market dominance. According to the MBLM Top Brand Intimacy 2022 report, Cardano has emerged as a top crypto brand with a quotient score of 52.6 – among the highest. The study is based on emotion that Cardano evokes among customers who participated in the survey. Cardano ranked twenty-sixth overall. 

Cardano ranked the first among cryptocurrencies, Bitcoin ranked second and stood thirtieth overall, followed by Polkadot and Ethereum. 2022 marks the first year that cryptocurrencies were included in the report. The report reads:

This is indicative of users’ increasing frustration with traditional financial services. A decline in trust and an increase in disdain toward these institutions may prompt disgruntled users to search for an alternative.

Cardano feature in MBLM 2022 report

Cardano price is ready for a rally, analysts argue

Analysts evaluated Cardano price and predicted a rally in the altcoin. The Vasil hard fork is a key event influencing the Ethereum-killer’s price, and analysts consider it a bullish catalyst for Cardano. Bob Mason, a leading crypto analyst and trader believes Cardano price is heading towards a breakout once it makes it past the $0.46 pivot. 

Cardano price could begin its rally in the broader crypto market. In case of an extended rally, Cardano is likely to test its second major resistance at $0.48 and the third at $0.498, right before the bullish target of $0.50. 

ADA-USD price chart 

Once the Vasil hard fork is complete, analysts predict an extended rally in Cardano price. Analysts at FXStreet identified a fractal in the Cardano price chart that hints at an explosive move to $0.53. For more information and key price levels, check the video below. 

 

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