Cardano Crypto Price Prediction – ADA Gives Up Gains, But Vasil Can Track Back to $0.52
Similar to the Ethereum Merge, the successful Cardano Vasil hard fork upgrade has yet to generate significant gains in the days since its publication.
Both upgrades appear to have led to “buy the rumour, sell the news” sentiment among investors, with gains seen in the days leading up to the events and selling pressure in the days following.
Cardano (ADA) is down 3% in the last 24 hours and nearly 7% since its 7-day peak in the hours before the Vasil hard fork went live at 21:44 UTC 22 September.
Cardano reaches price swing point
ADA has now reached an inflection point that could see it pump up to more than $0.50 if the bulls can take control of the market – a more than 10% rally.
The fork was designed to make the blockchain more developer-friendly and to encourage more projects to build there.
Vasil will bring more functionality, scalability and speed to the network, and bullish analysts say it could push the price back above $1 and beyond.
Cardano recently passed 50 million transactions and handles an average of 50,000 per day and continues to champion sustainability and long-term growth, supporting more than 1,000 projects.
MSN has described it as “the most important blockchain project in Africa right now”, given its continued development on the continent.
Cardano has partnerships with a number of African projects and governments to use their technology to help unbanked people access better financial services and develop agriculture.
Cardano founder expects TVL boost
A continuing criticism of Cardano is that its total value locked (TVL) lags far behind the largest blockchains.
TVL is a formula that calculates the total value of all cryptoassets locked in a DeFi protocol and is a key indicator in the value of both the blockchain itself and the projects built on it.
According to DeFi Llama, Cardano is 27th on their list with only $80 million in TVL – many times less than the biggest projects like Ethereum ($31.5 billion), Tron ($5.39 billion) and Binance Smart Chain (5, 3 billion dollars).
However, in an interview with Cheeky Crypto ahead of the Vasil hard fork, Cardano founder Charles Hoskinson said he now expects a big boost to TVL after the upgrade.
He said: “I think there will be a kind of big increase within three to six months after Vasil because there are a lot of people building waiting to deploy [new applications].”
Vasil will also introduce Plutus V2, Cardano’s smart contract language, which will help create faster and more complex dApps on the blockchain.
Cardano-based NFT project Artano has actually claimed to have seen a 93% reduction in transaction size and 75% reduction in total cost while testing Plutus V2.
