While the crypto town has been gaga over Terra 2.0 (LUNA). Another prominent cryptocurrency, which is sailing towards an imperative week is Cardano. The Ethereum killer has been rolling up its sleeves for its Vasil hard fork. However, the dropping TVL now seems to be a thorn in the flesh. As ADA price continues to test its crucial support levels.
Will This Hurdle Pull Down ADA Ahead Of The Big Day?
The Cardano network now holds a mixed bag, which holds both sides of the coin. While the recent announcement of the Vasil hard fork led to the community going ecstatic. Which was further supplemented by Cardano’s feat in interoperability. Following the news around the Iagon Ethereum Cardano bridge going live in the beta version.
On the other hand, Cardano’s TVL which was once its core strength in the recent past. Is now a thing of concern for the Cardano community. As it has been on a southward odyssey ever since the end of March. As per the statistics of Defillama, the TVL of the network has dropped from $434.74 to press time levels of $144.09 M.
One major rationale for the fall is the plummeting values of the protocols across the Cardano network. Whilst the largest TVL holder of the Cardano network Minswap has fallen by ~39% over the past month. On the other hand, Wing Riders, SundaeSwap, and Meld have lost 52.51%, 42.02% and 56.2% respectively.
Successively, the influence of the falling TVL can be seen on ADA price. Which has been testing its support at $0.456, whilst being down by 61% since the start of Q2. Conversely, in a very recent feat, shared by Lunar Crush, the social media mentions of Cardano had increased over 2,650.3% to a count of 14.77 M mentions.
Concluding, the falling TVL of Cardano is a growing concern for the community and the hodlers. That said, the price of ADA would now need a sentimental boost to chug up towards the big day. Which could further impart impetus to the price trajectory of the crypto asset.