Why the upcoming Vasil hard fork could see Cardano price surpass $1
- Cardano price started its recovery as the Vasil hard fork draws closer, with increased activity on the project’s blockchain.
- As investors await the June hard fork, the Cardano ecosystem has accumulated over $300 million in user funds.
- Analysts believe ADA price could hit $1.70 as it continues its uptrend.
The Vasil hard fork is fast approaching, and the number of projects on the Cardano ecosystem has increased. Analysts have revealed a bullish outlook on ADA price as the altcoin begins its uptrend.
Cardano price begins recovery ahead of Vasil hard fork
Cardano price is on track to explode as Vasil hard fork draws close. The Cardano blockchain currently has nearly 900 projects under development, and activity on the network has exploded.
Nearly 44,800 Cardano wallet addresses hold over 6.79 billion ADA tokens, fueling a bullish narrative among investors. Transaction activity on the Cardano blockchain has increased with the rise in the number of holders and active wallet addresses.
The Vasil hard fork includes Cardano Improvement Proposal (CIP) 31, 32, 33 and 40. CIP 31 would allow dApps to access transactional output without spending or recreating them. This tackles the challenge of “one transaction per block,” a feature that received heavy criticism from dApp users.
CIP 32 will facilitate on-chain storage of data for Cardano users, decentralizing Ethereum-killer’s blockchain further. Meanwhile, CIP-33 would reduce the usage of data on the network and increase the throughput of Cardano and the CIP 40 is the upgrade that would protect users from losing Cardano held as collateral.
Charles Hoskinson, the founder of Cardano, is bullish on ADA as the ecosystem added 100,000 new addresses over the past month.
FXStreet analysts have evaluated the Cardano price trend and predicted a rally in the altcoin. They have identified a breakout from the head and shoulders pattern and set a target of $1.70 for ADA price. There is also the possibility of a deviation from the uptrend above the $1.60 hurdle. Still, a daily close below $0.85 could trigger a bearish trend reversal, invalidating the optimistic outlook.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
