Cardano Jumps 5% as Van Rossem Hard Fork Activation Boosts Optimism
Cardano (ADA) price climbed by approximately 5% in 24 hours to $0.1663, outperforming a broader market up 1.15%, primarily driven by anticipation of today’s major network upgrade.
ADA price moved amidst scheduled Van Rossem hard fork activation, which will lower smart contract costs and is seen as a key technical milestone.
The primary driver is the scheduled activation of the Van Rossem hard fork today, July 18 at 21:44 UTC. The upgrade, ratified by community governance, moves Cardano to Protocol Version 11 and introduces new Plutus built-in functions designed to reduce smart contract execution costs. This creates a tangible improvement in utility, attracting buyers ahead of the event.
The market is pricing in the potential for increased network efficiency and lower costs for developers, which could boost long-term adoption. The market’s reaction in the hours immediately following the fork activation.
A secondary boost comes from news that Cardano’s founding developer, Input Output, will begin transferring control of core infrastructure to external specialist firms starting in August.
This reinforces the project’s decentralisation narrative. Furthermore, ADA’s move aligns with a positive day for crypto (total market cap +1.15%), though it significantly outperformed Bitcoin’s +1.81% gain.
The move is supported by positive project developments and a mildly favourable market backdrop, but is not solely dependent on it.
The immediate trend hinges on the hard fork outcome. A decisive 4-hour close above the $0.167 resistance—a level identified as a key liquidity cluster—could open a path toward the 50% Fibonacci retracement level near $0.169.
Conversely, if bullish momentum fades post-fork, support is seen at the 7-day Simple Moving Average near $0.163 and the more critical $0.161 level (61.8% Fibonacci). The neutral RSI (49.29) suggests room for movement in either direction.
The setup is primed for a volatility expansion; direction will be confirmed by whether buyers or sellers control price action after the catalyst passes. On-chain whale accumulation, noted as being at its highest pace since 2023, could provide underlying support.
The price rise is a classic “buy the rumour” play ahead of a scheduled technical upgrade, amplified by positive ecosystem news. ADA Dips as Market Shifts, Cardano Foundation Takes Over Token2049
