Cardano is one of those crypto projects that crashed and never managed to make any comeback. Its ADA price has been consolidating since mid-May with no sign of a breakout. This is true however for most cryptocurrencies, as the general crypto sentiment is bearish. Cardano recently deployed its Vasil upgrade, but ADA prices did not seem to have reacted positively yet. Why is Cardano down despite Vasil update?
What is Cardano ADA?
The blockchain network Cardano (ADA) is regarded as one of Ethereum’s main rivals. Because Cardano is one of the most adaptable and, more importantly, a technically great blockchain network on the market, combining security, decentralization, and scalability. The ADA, the network currency for Cardano, may be used for fee payment and staking.
Cardano is distinguished primarily by its commitment to the scientific advancement of the blockchain. The Cardano Foundation utilizes scientists and research-based techniques to advance Cardano.
What is Cardano Vasil Hard Fork?
What is a Hard Fork in Crypto?
A hard fork in the context of blockchain technology is an update to the consensus guidelines. In certain circumstances, this occurrence can result in the network forking, or splitting into several blockchains with different nodes, as a result of disagreements among the validator and developer communities. This occurred with Bitcoin and Bitcoin Cash, among other well-known examples, as a result of disagreements about raising the block size.
How many Hard forks did Cardano have?
So far, Cardano managed to run four successful hard forks to-date:
- Shelley in July 2020
- Allegra in December 2020
- Mary in March 2021
- Alonzo in September 2021
What is Cardano Vasil Update?
The Vasil hard fork is an upgrade to the Cardano network that is set to further improve scalability, some security loopholes and other minor enhancements in the blockchain. Because the Cardano hard fork is planned to apply enhancements guided by the developer firm IOG, the blockchain won’t divide as in a typical hard fork.
The Vasil hard fork will be the most challenging update in Cardano’s history, according to its founder. Changes to their smart contract language and new primitives will be part of the most recent upgrade, which will further improve the blockchain.
Cardano Price Prediction – Will ADA go up after Vasil?
The cryptocurrency community has high hopes for the update and anticipates a rise in Cardano’s price from now until the end of September. It is evident that hard forks have previously driven the price of ADA higher. The costs of the past two upgrades have increased by more than ten times, and the most recent Alonzo hard fork in 2021 caused Cardano’s price to increase by more than three times in less than three months.
In addition, if viable DApps start to arise on Cardano, the blockchain is poised to become a developer’s paradise, which might eventually lead to an increased usage of the blockchain. Investors should take note of this as some may decide to purchase ADA. This is especially true because of ADA’s technical formation. Prices are currently in consolidation mode and have a big possibility of moving higher. Of course, this is all tied up to the overall crypto market’s price action.
Is Cardano Good to Buy now?
If you’re looking to invest in ADA and buy its current consolidation price, you’ll be able to purchase around $0.46. Your targets would be the following:
- First Target: $0.55
- Second Target: $0.60
- Third Target: $0.75
Solana Price Prediction for February 2023: THIS Price is very likely!
Why is Solana up? And most importantly, what is a conservative Solana price prediction for February 2023? Let’s analyze!
Solana has emerged from the crisis in recent weeks and has recovered from the FTX bankruptcy. After the SOL price fell from $36 to $12 shortly after the bankruptcy, Solana found itself in the worst crisis of its existence. But in January, the price was able to rise sharply again. Why is Solana up? And most importantly, what is a conservative Solana price prediction for February 2023? Let’s analyze!
In this article, we want to take a look at the Solana forecast for February and see if the massive increase can continue in the coming weeks.
Brief Recap on What Solana is
Solana is focused primarily on scalability. It uses a modification of the proof-of-stake consensus mechanism called proof-of-history, which allows the network to process up to 50,000 transactions per second. The Solana blockchain’s greatest strength is its speed and scalability, making it an ideal platform for developers to build scalable applications. The network token for this blockchain is called SOL.
Is Solana up in the past weeks?
In the last few weeks, the Solana price has seen a sharp rise again. With the start of the year, the crypto market has seen strong gains. Solana was one of the cryptocurrencies that have risen the most over the past few weeks. At the turn of the year, the Solana course was still slightly below 10 dollars. However, the course was able to rise to over 25 dollars in January.
In the last few days, the price has stabilized at around $24. It is still well below the price before the FTX crash. Back then, the SOL token fell from a price above $36 to $12 within a few days.
Why Solana Surging?
The main reason for the Solana crash at the time was the connection with FTX and Alameda Research, with which founder Sam Bankman-Fried very likely cheated users out of their investments. This close interdependence triggered a loss of trust.
In the past few days, investors seem to be regaining confidence and seeing the benefits of the Solana blockchain. The Solana network offers a number of advantages over other blockchains. This includes:
- High scalability: Solana uses a protocol called “Proof of History” (PoH) which enables faster transactions than other platforms.
- Low Latency: Solana has very low latency, so transactions are confirmed faster.
- Cost-effective: Solana uses a delegated proof-of-stake consensus mechanism, which makes validating transactions less energy-consuming.
All of these advantages keep Solana so popular and investors are regaining confidence in the platform after several weeks without further scandals.
What is the Solana Prediction for February?
The rise in the Solana price was massive in the first few weeks of the year. The SOL token has gained more than 100% since the beginning of the year. The stabilization of the past few days was therefore logical as we are still in a long-term bear market. A precise direction of the market is difficult to discern.
It may be that the crypto market continues to move in a positive direction and that the SOL price can continue to rise sharply. In this case, the SOL increase should continue at a slower rate than in January. But there could also be a crash that drives the price back down.
Solana Prediction: SOL Targets for Feb 2023
The SOL price could either rise or fall again more sharply. Much depends on the development of the overall market, which is difficult to forecast at the moment. There are 2 scenarios for the Solana forecast:
- Scenario 1: Markets continue to rise. In that case, we can expect Solana’s late-February guidance to be in the $30-$38 range.
- Scenario 2: The market crashes sharply. In that case, Solana’s forecast for late February is $15-$20.
Both scenarios or a mixed form are currently possible. We are at a small turning point in the market.
Is Solana a Good Buy?
An investment in the SOL token is still an investment, which is associated with risk but can also bring in high returns. It should be up to you whether you want to take that risk. Especially in these weeks, it is difficult to say in which direction a Solana forecast is going.
Where to Buy Solana?
There are many exchanges that sell the SOL token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
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