The Cardano community is very optimistic about the future of ADA and believe that it could regain the $1 level before the end of summer.
The price of ADA, the native token of the Cardano blockchain, continues to fluctuate in line with most of the major cryptocurrencies on the market, whose prices have been affected by the Federal Reserve announcement of a new interest rate hike by another 75 percentage points.
In the case of ADA, the price has been fluctuating upwards since the implementation of the hard fork Vasil on one of the network's testnets. This new update will bring new features to Cardano smart contracts, as well as improvements to scalability and a significant reduction in transaction fees.
In this sense, the Cardano community has been very active in supporting the ADA token. Network users They believe that ADA could reach $0,7311 by the end of August.
The ADA community has used CoinMarketCap's “Price Estimate” tool to speculate on the price of the token. After the end of the vote, in which more than 14.000 users participated, the majority of users' estimates agreed that Cardano token price could grow by 56,20% (about $0,263) before September.
On the other hand, a deep learning algorithm has predicted that the price of Cardano could reach $2,63 by the end of August, slightly below his last prediction, which was that ADA could reach $2,90.
What happened to Cardano in 2022?
Since the start of 2022, Cardano has been following a downward pattern, falling from its historical high of 1,60 dollars, which was marked in January. Currently, the price of ADA is stuck at $0,468, down 0,48% in the last 24 hours and 10,19% in the last week.
The Cardano token price has been fluctuating throughout 2022, with slight increases, but without breaking the 0,60 cent barrier.
Cardano has also lost ground in the ranking of the largest cryptocurrencies by market capitalization. It is currently ranked number eight and has a Total capitalization of $15.850 billion.
Vasil's Hard Fork continues
Just a few weeks ago, Input Outpu Hong Kong (IOHK), the Cardano developer company, successfully deployed the Vasil fork on one of Cardano's testnets. This is a very important step, as these testnets allow developers to test new network features and find possible errors, within a sealed and controlled network.
If the response of users, developers and community members to the deployment of the hard fork is positive, the update will also be deployed on the main network, something that is planned to happen happen within four weeks, from the implementation of Vasil on the testnet.
Regarding Vasil, Charles Hoskinson, founder of the Cardano network, has pointed out on more than one occasion that it is the biggest update ever deployed on the blockchain.
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