The cryptocurrency community is expecting the price of Cardano ($ADA) to surge around 35% during the month of September, in which a major upgrade to the network is expected to go live, the Vasil hard fork.
According to data from CoinMarketCap’s price estimate feature, which saw over 13,700 users predict the cryptocurrency’s price for the end of the month, the community expects ADA to, on average, trade at $0.62, up over 35% from its current price of $0.456.
The community is less bullish toward the end of the year, expecting ADA to trade at around $0.49 when 2022 comes to a close. For the end of October, the cryptocurrency community sees ADA trade at $0.556, meaning users are predicting a short-term rally followed by a correction.
The rally expectations may be related to the Vasil hard for, which is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). The hard fork was expected to be implemented in late June but was delayed because of Terra’s collapse, as the team behind it wanted to exercise caution before shipping out the upgrade.
Also read: Crypto Community Sees $XRP Price Explode Upward in September, Data Shows
Cardano creator Charles Hoskison has said the hard fork will deliver a “massive performance improvement.” Hoskinson has recently noted developers are making progress on the hard fork, noting:
Things are moving along very quickly. Extensive testing is still being done by both the community and still by us. A lot of integration work is happening behind the scenes, so all of that infrastructure is looking good.
Hoskinson noted that September is “what it looks like” for the upgrade to occur, although he cautioned that the date may be changed if “something is discovered or we run into a substantial slowdown somewhere.”
As reported, Cardano-powered crypto lending startup Aada Finance announced that it is launching the Aada Finance V1 lending and borrowing protocol on the Cardano mainnet on September 13, adding to the anticipation surrounding this month’s developments for the network.
Featured Image via Unsplash