As the community predicts, can Cardano (ADA) attain $1 following Vasil Hard Fork?

Every time an upgrade hits a blockchain network, the anticipation of its price going high increases drastically, and Cardano (ADA) is on a similar path

Cardano Blockchain Network has been waiting for its Vasil Hard Fork for a while now, and finally, its launching date is near. The Cardano community predicts that the price of Cardano’s native token ADA will cross the $1 mark by this month’s end, following the implementation of Vasil Hard Fork. It’s worth noting that the much-awaited Vasil hard fork of the Cardano network is set to bring significant improvements to the current state of the blockchain network. 

This insight came from a poll run on the recent price estimates tool of CoinMarketCap, where more than 24,460 crypto enthusiasts voted that the price of Cardano’s ADA native token would hit $1.06 by the June end, while 15,900 people have voted in support of their expectations of crypto’s price would drop to $0.97 by next month’s end. 

However, these predictions would have also seen the price of ADA tokens significantly appreciated due to the upcoming update. After taking its rebound from a low of $0.40 earlier this year, the price of cryptocurrency is trading at $0.59. It was just in the April month of this year when Cardano (ADA) traded above $1. 

ALSO READ – Cardano Price Analysis: ADA Preparing For a Breakout, Will it Sustain or get Detained?

The prediction of the Cardano community seems quite relevant due to their assumption that the price hitting $1 is close to the date when the Vasil hard fork is scheduled to be implemented on the blockchain network. The hard fork is also expected to be implemented on 29th June, and there is a lot of talk about the same, given Charles Hoskinson said that this would deliver and bring massive performance improvement in the Cardano network. 

This Vasil hard fork will bring a major upgrade; at least four Cardano Improvement Protocols or CIPs will be aligned. These CIPs will include CIP-31, which introduces a whole new type of input that allows one to look at an output while spending nothing. There will also be CIP-32 that would allow for more simple communication of several pieces of informational value among users. 

Further, this hard fork will also have CIP-33 that possesses proposals of reference scripts that can be attached to outputs and allow such reference scripts that could be used to satisfy such script requirements at the of validation instead of spending transaction in order to do so. This CIP-33 will also allow transactions while using common scripts while keeping them at a much smaller scale. Another hard fork will be CIP-40, which adds such collateral outputs that would remove the wallets needed to set collateral.