Cardano (ADA), is believed to be stuck in an average price range over the last 7 days. However, there are some intriguing fundamentals being formed beneath the surface.

Santiment blockchain analytics firm claims that public sentiment towards the ADA is at its best level since mid-November 2021.

In the 24 hour period, #Cardano saw a small +6% price increase. Traders are eager for #Cardano to become the ninth market-cap ranked asset. Crowd sentiment towards $ADA remains at its most positive level since mid November. https://t.co/zFR0udTzER pic.twitter.com/EhKHpYBXNS

— Santiment (@santimentfeed) April 19, 2022

Their weighted social sentiment graph shows that general crowd sentiment regarding ADA is in a euphoric condition and at its highest level for six months.

An inverse weighted social mood chart is a combination of the percentage of positive or negative mentions over time. This can be compared with the overall frequency of mentions. According to Santiment, prices peak when there is too much positive sentiment, while they plummet when the opposite happens.

Cardano’s total stakes in ADA totalled 74%, a record breaking achievement. That’s over $23 billion delegated to nearly 3000 active staking pools in the two years since Cardano staking has been possible.

At the same time, Cardano’s creators report that the number of projects built on the Cardano blockchain has reached an impressive 900, which is nearly 125%, or 400 projects more than in the previous month.

Today, almost 900 projects were #BuildingOnCardano. This number is growing day-by-day. Keeping track of all the news from this incredible ecosystem is not easy & this is why every week we compile an ecosystem digest with highlights & updates. #Cardano $ADA

— Input Output (@InputOutputHK) April 18, 2022

In addition to all these numbers, Cardano’s wallet count has increased exponentially in the past month. As seen in ‘Cardano Blockchain Insights‘, nearly 100,000 new Cardano wallets have been created since mid-March, currently accounting for a slightly more than 3.25 million wallets on the Cardano network.

Vasil Hard Fork Coming Soon

Cardano’s strengthening fundamentals are largely fueled by the expectations for its upcoming network update. The upgrade, called ‘Vasil’ is intended to bring major network improvements, and is projected to occur in June 2022.

Charles Hoskinson the Cardano founder stated that Vasil should contain scaling improvements to allow Cardano, its Decentralized Finance (DeFi) apps and smart contracts, as well as DEXs.

Cardano prices (ADA), have risen more than 20% from mid-March, when they dropped to their lowest point this year at $0.79. ADA remains at 69.2% of its highest price, $3.09 (which it hit in September 2021).

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