Cardano's ADA token fell 1.68% on July 16, 2024, as traders brace for the network's biggest upgrade since the Vasil hard fork. The Van Rossem hard fork is scheduled for July 18, but futures data suggests short sellers are in control and buyers aren't jumping in.
Why the price is slipping
The 1.68% drop might not look dramatic, but it comes at a critical moment. Cardano is about to undergo a major protocol change — the Van Rossem upgrade — and typically such events can swing prices either way. This time, the market is leaning bearish. Futures positioning shows short sellers dominate, and buyers remain hesitant. That means many traders expect the price to fall further, or at least not rally.
What the Van Rossem upgrade means
The Van Rossem hard fork is the most significant update to Cardano since the Vasil hard fork, which went live in September 2022. While the facts don't detail what the upgrade changes, the name alone signals a major shift. Hard forks on Cardano usually introduce new features or improve scalability. The network's developers have been working on this for months, and the community is watching closely.
Short sellers in control
Futures data paints a clear picture: short positions outweigh longs. That means more traders are betting on a price decline than on a rise. When short sellers dominate, it can create a self-fulfilling prophecy — unless a surprise catalyst flips sentiment. But with the hard fork just two days away, no such catalyst has appeared. Buyers are staying on the sidelines.
The 1.68% drop on July 16 is a modest move, but it reflects the broader mood. Cardano's price has been under pressure for weeks, and the upcoming upgrade hasn't sparked the kind of pre-event buying that sometimes happens in crypto. Instead, the market is waiting to see what happens after the fork goes live.
What happens next
The Van Rossem hard fork is set for July 18. After that, the network will operate under new rules. Whether that brings a price rebound or more selling depends on how the upgrade goes — and whether the short sellers are right. For now, ADA holders are watching the calendar and the order books.
