The ongoing state of the cryptocurrency market is bad news in itself. However, members of the Cardano ecosystem received another disappointing news on 20 June following the postponement of the Network’s Vasil Hard Fork.
In an announcement blog published on 20 June, the Input Output Global (IOG) confirmed the decision of the developer team “NOT to send the hard fork update proposal to the testnet today to allow more time for testing.”
According to the team, although the “engineering team is extremely close to finalizing the core work,” there are “seven bugs still outstanding to complete the hard fork work.”
The team had earlier announced 29 June as the date for the mainnet hard fork. However, with these delays, the “working assumption should therefore now be a Cardano mainnet hard fork occurring during the last week of July.” Also, the end of June was set as a new target date for the hard fork of the testnet.
As the rest of the crypto market continues to register gains in the last 24 hours, has the news of this postponement spelled doom for the ADA coin? Let’s take a look.
Bullish despite the delay?
ADA token exchanged hands at $0.5013 per coin with a 5% uptick in the last 24 hours. Trading volume on the network also saw a 7.44% growth indicating a growth in the trading activity of the coin within the same window period. Although 83% off its all-time high of $3.10, the ADA token appeared to have latched on to the ongoing bullish correction in the general crypto market.
On a four-hour chart, significant bullish activity was spotted. The coin was in the overbought territory as per the the Money Flow Index (MFI) which stood at 79.20 region at press time. The Relative Strength Index (RSI) was also positioned above the 50 neutral region in an uptrend at 56.
Source: TradingView
The coast is not clear yet
On-chain data revealed that in the last 24 hours, the price of ADA coins was significantly volatile. According to data from LunarCrush, the volatility rate of this coin saw a 66% uptick over the last day.
Additionally, bearish sentiment grew by 29.38%. Bullish sentiment, on the other hand, trailed behind with a 15% growth within the previous 24 hours.
Source: LunarCrush
Furthermore, as per data from Santiment, network activity decreased in the last 24 hours. At 316.37 million at press time, the transaction volume saw a 78% drop.
Source: Santiment
Although registering a high of 77,218 as an index for the daily active addresses that transacted the ADA coin, at press time, this stood at 15,900 active addresses.
Source: Santiment
It’s worth the wait…
Despite the delay in the Vasil hard fork, news of the postponement was met with a positive attitude. Members of the Cardano ecosystem took to Twitter to express their views.
1 month Vasil delay is bullish for #Cardano $ADA. More time to “buy the rumor” and then DApps will be actually ready to to go which means less to no “sell the news.”
— Card₳no Dan
ADA (@CardanoDan) June 20, 2022
1. Vasil hardfork 95% complete. Going to be delayed by about 30 days while final testing takes place. New date very realistic, measurable and achievable. Glad to see care being taken to perfect everything rather than a “just ship it and patch it live” approach. #cardano $ADA
— ADAape
“APE” (Single Pool) (@TheADAApe) June 20, 2022