The Cardano (ADA) community is gearing up for the Vasil Hard Fork, which will increase the scalability and overall availability of the decentralized network. Despite the ongoing crypto market volatility, there are predictions that the upgrade will trigger a rally in the altcoin price.
Altcoin running $1?
Crypto analyst Michaël van de Poppe discusses the ADA situation in a September 17 YouTube video. The analyst states that Cardano did not witness any bullish movements before the update. To that extent, he says he believes ADA will likely target the $1 level before the upgrade. The analyst states that there was no significant momentum in ADA price prior to the blockchain upgrade. He emphasizes that this will be the primary catalyst for a potential rally after the September 22 event. In this context, the analyst makes the following statement:
We do not have the momentum and excitement going towards Vasil Hard Fork. Because there has not been a clear upward run before. If the Vasil Hard Fork is going to happen positively, quite similar to the Ethereum (ETH) Merge, this brings huge opportunities. So, a run towards $1 in this event is not unexpected.
How Vasil Hard Fork differs from Merge
The analyst also compares Cardano’s upgrade and Ethereum Merge update. He records that we witnessed the ‘buy the rumor, sell the news’ event in Merge. He says this may not apply to the ADA. Because, he records that the market is trying to enter an upward rally. Based on this, Van de Poppe makes the following assessment:
The standard ‘buy the rumor, sell the news’ concept may not apply here as we are looking at a potential transition from the bear market that caused Cardano to fall into a bull market. If the Hard Fork continues, it would be unreasonable to assume that we’re getting a positive continuation based on this fundamental shift, rather than downside moves.
Interestingly, Poppe points out that while Etrheruem came to the fore amid the Merge upgrade, the price of ADA has been correcting along with other altcoins. Therefore, he expects the spotlight around Ethereum to fade as altcoins are ready to explode.
As you follow on Kriptokoin.com, the Hard Fork in particular will include improvements to Cardano’s smart contract platform, Plutus. The changes will make it possible for developers to design more powerful and efficient Blockchain-based applications. Notably, Cardano continues to grow after launching its smart contracts feature in 2021. Accordingly, as of August 1, Cardano-based smart contracts remained at 3,002. Overall, Cardano continued to record increased activity in adoption and capital inflows ahead of the Vasil Hard Fork. For example, on September 5, ADA added over $2.1 billion in market capitalization in seven days.
Cradano adoption is on the rise
At the same time, Cardano announced a partnership with the Georgia National Wine Agency. The partnership with Bolnisi Wine Producers Association and Scantrust aims to expand Georgia’s wine industry by implementing a traceability solution powered by Cardano Blockchain.
It is worth noting that since its inception, the Cardano network has made significant progress to surpass established platforms such as Ethereum. Cardano is also witnessing increased activity in Non Fungible Tokens (NFTs). For example, as of September 8, the network attracted a trading volume of approximately $459 million. In this context, it has approximately 7,000 NFT projects with 15 marketplaces.
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