Cardano Van Rossem upgrade is coming soon. The hard fork will happen on July 18.
ADA price is down by 1.68% today. This is despite the upcoming upgrade. It will be the biggest upgrade since Vasil.
Cardano Van Rossem upgrade fails to boost price
The Cardano governance ratified the upgrade on July 13. Intersect confirmed the July 18 launch date. Infrastructure providers must upgrade their systems.
This is the biggest upgrade since Vasil in 2022. It will reduce execution costs on Cardano. The network will become cheaper to use.
Furthermore, this upgrade lays the groundwork for Leios. Leios will arrive before 2026 ends. It could make Cardano 60 times faster.
Cardano whales are increasing their holdings. Wallets with 100K to 100M ADA are rising. These are the highest levels since 2023. Consequently, this suggests bullish positioning before the upgrade.
Cardano price remains under bearish pressure
The looming upgrade has not boosted sentiment. ADA is down by 2.72% today. This drop comes amid high selling pressure.
The volume histogram bars show this clearly. They have been red for two straight days.
ADA is now testing resistance at $0.164. This is the middle Bollinger band. A close above this resistance could push higher. The price could reach the 61.8% Fib at $0.176.
Nevertheless, such gains might not occur soon. Buyers need to return first. The AO bars are red and negative. This supports a bearish long-term forecast.
Bears are tightening their grip on ADA. They could pull the price down further. The lower Bollinger band sits at $0.137.
ADA short sellers decreased their positions
Coinglass data reveals the bearish sentiment. Cardano has a positive weighted funding rate. It stands at 0.0008% currently.
This positive rating shows less short sellers. They are betting on price rise . There are more bulls than bears .
The long/short ratio confirms this view. It sits at 0.74 currently. This shows long positioning.
Long buyers are betting on the upgrade. They expect ADA to rise . Open interest has increased . It now stands at $432 million.
This suggests new positions opening. Short sellers remain confident in their bets.
