Vasil Hardfork Set to Launch, Can Cardano Bounce Back Over $1?

Can Cardano’s (ADA) price bounce back over $1? After a strong increase on March 29, 2022, to almost $2, ADA’s momentum broke as it entered April. Cardano has been going on its third consecutive losing streak this week.

Additionally, the downswing comes as a result of the crypto market structure caused by wider business concerns such as COVID-19 related lockdowns in China; the weak price of Bitcoin; the war in Ukraine, and the subsequent economic sanctions; and even the hawkish stance of the US Federal Reserve.

However, despite the entire crypto market’s performance, Cardano continues to gain trust from its investors and maintains its place in the top 10 cryptocurrencies in CoinMarketCap.

As per Tim Harrison, IOG Marketing and Communications Director,

The Cardano ecosystem continues to grow, with now over 500 projects BuildingOnCardano – from NFT collections to DeFi lending and new wallets. Props to all the IOG team that continues to drive the platform forward. It has been a remarkable journey to get to here. And kudos to the innovative, passionate community of builders that has brought this project so far. We’re really just getting started, you know.

As established before by CoinQuora, the IOHK and Cardano development team are working on the Vasil hardfork update. Notably, Cardano is one of the most aggressive networks in space in terms of technology development.

According to IOHK and Cardano Founder Charles Hoskinson, Vasil hardfork will bring massive performance improvement to Cardano.

In addition, the Director of Cardano Architecture John Woods, revealed that the hardfork will proceed on track on June 29, 2022. With Vasil hardfork, it’s highly possible that Cardano’s price will be over $1.