Cardano (ADA) has been the focus of market speculation lately. Analysts are raising the bar on ADA price as the next big Cardano Blockchain update, the Vasil hard fork (June), approaches.
Can ADA price reach $3 in June after Vasil fard fork?
Historically, major changes have always resulted in a price increase for ADA. Following the research by Cardano enthusiast Cardians on Twitter, each of the three previous Cardano hard forks had a huge impact on the ADA price. The Shelley update in July 2020 enabled staking on the Cardano network, triggering a 500% rally. The ADA price rose 1,100% after the March 2021 Mary hard fork allowed native cryptocurrencies and NFTs. Alonzo’s hard fork, on the other hand, increased the price by 135% in September.
Also, according to CryptoRank, the days leading up to the Hard Fork Combinator Event (HFC) often experience the most heated price action. In July 2020, February 2021 and August 2021, the price of ADA increased by 67.3%, 227.9% and 111.6%. Like previous upgrades, the Vasil hard fork is important to Cardano’s future. Cardano founder Charles Hoskinson renews that sentiment. In a recent tweet, he stated that once the upgrade is released, Cardano’s locked aggregate will rise (TVL) and launch more dApps:
Also what most people don’t understand is that many Cardano DApps need to take advantage of pipelining. Vasil is waiting for the hard fork to come out in June. Looks like we haven’t seen anything on TVL yet.
How far is Cardano (ADA) price for $3?
ADA now appears to be trading in negative territory. As quoted by Kriptokoin.com, it decreased by 1.7% in the previous 24 hours to $ 0.7959. Year-to-date, ADA has lost 20.6%.
Cardano’s fundamentals are similarly split. According to IntoTheBlock, over 67% of ADA traders are now losing money. If the market stance does not improve quickly, there may be more pressure on the selling side. By September 2021, ADA’s ATH price must rise by 196% to reclaim $3,000. With the hard fork occurring in about two months, a massive TVL increase and significant network activity for Cardano are likely to close this gap.