The cryptocurrency community has set a bullish price target for smart contract platform Cardano ($ADA) this month, presumably taking into account the network’s improved performance after the Vasil hard fork and its growing adoption.
According to estimates made on CoinMarketCap’s pages, the average of around 7,100 cryptocurrency community members points to the smart contract platform’s price trading at $0.517 by the end of November, representing a 27.7% rise from $ADA current $0.40 level.
The estimates show a small decline for the end of the year, with 4,700 users believe that the price of Cardano will be of $0.487, suggesting an upside of little more than 20% from current levels.
It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. The platform’s data shows that its average $ADA predictions had an accuracy close to 60% last month, but below 10% earlier this year.
The cryptocurrency community’s prediction is likely taking into account increased adoption of ADA, with South Korean cryptocurrency bank Delio set to list $ADA and launching a staking service for it. Similarly, cryptocurrency exchange FTX is set to list spot $ADA trading pairs according to its CEO Sam Bankman-Fried.
The Cardano Foundation released the network’s on-chain stats for October recently, showing that native tokens on Cardano went up nearly 5% to 6.62 million, while plutus scripts grew 4.59% to 3,535. Notably, the number of transactions conducted on Cardano surged 4.18% to 53.3 million, while smart contract transactions grew over 2%.
Last month, popular crypto trader and market analyst Michaël van de Poppe shared the “ultimate area” to buy the native token of smart contract platform Cardano, $ADA, after the network underwent its highly-anticipated Vasil hard fork.
The analyst noted that looking at Cardano’s chart it’s “looking like we’re accumulating,” and pointed out that the “ultimate area to buy from is the region at $0.30-0.375.”
Cardano’s adoption has slowly been growing, as data shows the total number of $ADA wallets surpassed the 3.5 million milestone in August, ahead of the Vasil hard fork, which brought in significant performance improvements.
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