Top crypto projects such as Cardano [ADA] seem to have doubled down on their growth and development during the bear market. Input Output Hong Kong (IOHK), the company responsible for developing the Cardano blockchain announced a development milestone.
IOHK revealed that it successfully rolled out node 1.35.0, a major milestone ahead of its mainnet Vasil upgrade. Cardano has been preparing for the Vasil mainnet upgrade, a highly anticipated upgrade that will strengthen Cardano’s capacity and performance. The successful roll out Node 1.35.0 will play a vital role in supporting the Vasil upgrade.
Additionally, IOHK confirmed that Cardano is done with all the core aspects of its software and that testing (on the Plutus v2 code) produced favorable results. IOHK further reiterated its focus on security and safety for all its partners that will be part of the Cardano ecosystem.
The announcement and its impact on investor decisions
Cardano’s native cryptocurrency ADA has been on a bullish trajectory since the last four days. Although IOHK’s latest announcement confirms an important development milestone, any significant upside related to the reveal was yet to be seen at press time. ADA traded at $0.51 at press time, after a 16% weekly rally. Its latest uptick started after a retest of a structural support level near the $0.44 level.
ADA’s latest bullish performance highlights the lack of enough selling pressure to subdue the price below the latest support. This has, in turn, resulted in some investor confidence returning to the market as highlighted by the Binance Funding rate. On the other hand, bullish volumes have been relatively weak.
The weak volumes, especially in the last 24 hours, point towards low accumulation at recent levels. Cardano’s supply held by whales metric reveals a significant amount of outflows in the last 24 hours, thus explaining why the price failed to secure enough upside.
Source: Santiment
Sun’s out for ADA?
IOHK’s latest development milestone for Cardano reveals a lot about how far the project has come. The Vasil mainnet is at the tail end of the development, meaning Cardano will soon operate at full steam and onboard users. This will pave the way for strong organic demand for ADA in the long-run.
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