Cardano Crowd Sentiment Hits Most Positive Level Since Mid-November as Traders Anticipate ADA Rebound ⋆ ZyCrypto

Cardano Aims To Take On 2022 With Mammoth Blockchain Developments Details

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Cardano (ADA), the ninth largest cryptocurrency by market valuation, has made market participants excited for a likely breakthrough. According to on-chain analytics firm Santiment, crowd sentiment toward ADA is currently at its most positive level since mid-November 2021.

Positive ADA sentiments rise as the network reaches new milestones

At the time of Santiment’s observation, ADA saw a modest surge in the week. The wave made Santiment’s weighted social sentiment measurement for ADA to indicate the public’s euphoria toward the asset.

However, the increased value of the stats wasn’t all good news for the price of ADA. According to Santiment, the metric combines the positive/negative commentary and multiplies it by social volume to get its value. The price of assets generally peaks when the stat gets too high, and this was the case with ADA in the following days.

Back then at around $0.98, ADA is currently trading at $0.88, down 1.86% and 6.96% in the daily and weekly time frame, respectively.

Despite ADA’s volatile price action, the Cardano blockchain network has not stopped hitting new milestones. The number of wallets on the network has continued to grow rapidly and now exceeds 3.2 million. More than 100,000 new wallets have been created on the network since March 24, according to data from the Cardano Blockchain Insights dashboard.

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Likewise, the network also saw the launch of WingRiders, an AMM DeFi exchange. The protocol saw its Total Locked Value (TVL) increase by more than 8000% on its first day and currently has a TVL of approximately $62.8 million.

Positive sentiments dominate the market

In addition to the positive developments in the ecosystem, Cardano is also preparing for a Hardfork that will significantly improve its capacity. The Vasil Hardfork, which has a tentative arrival date of June 29, will introduce pipelining into the blockchain. It is also expected to power the next wave of dApps in the chain.

Meanwhile, Cardano (ADA) is not the only crypto asset that has seen very positive social sentiments. Santiment recently pointed out that discussions about crypto “seem to be getting some positive votes again.” On major social media platforms, including Discord, Twitter, Telegram, and Reddit, the word “pump” has reached its highest level of dominance.

However, the fear of missing out (FOMO) that the metric is likely to deliver is not a cause for concern, as there are no major euphoric signals, Santiment noted. The market-leading cryptocurrencies, including Bitcoin and Ethereum – such as ADA – are also trading negatively for the day.

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