After a strong start to the year, the Cardano (ADA) course has not been able to make any strong gains in recent weeks and has stagnated in price. The important Vasil update has led to better scalability and stronger adaptation of the Cardano blockchain. This could mean that the ADA token is undervalued in price right now and we see another bull run in the next few weeks. Can Cardano reach 1$ in the next 3 months?
How did Cardano price Perform recently?
The ADA token’s price has mostly been moving sideways in the past few weeks. Earlier this year, there was a significant increase in price from $0.24 to $0.41 by mid-February. The price then fell to $0.31 in early March, but it rose again to $0.45 in April.
Recently, there have been some setbacks causing the Cardano price to drop to 0.37 dollars. Over the past two weeks, the Cardano price has remained relatively stable. Despite this, the Cardano value has still increased by more than 50% since the start of the year.
Why could the Cardano price rise sharply in summer?
Cardano traditionally has a hard time in a bear market. The ADA price falls sharply in a bear market and can only rise sharply again in a bullish phase. The fact that the Vasil update in September 2022 massively improved the Cardano blockchain has not helped much in the last few weeks. In addition, the scaling solution Hydra went live, which was also an important milestone.
Cardano’s improved scalability also has a positive impact on Cardano’s applicability. In recent months, Cardano has already risen to number 3 in NFT applications behind Ethereum and Solana. Now, applications in the DeFi space have exploded.
Can the ADA rate hit $1 in the summer?
It is common in the crypto market that positive developments on the technical side and improved applicability only have a delayed impact on the price. A major crypto bull run would be needed for a strong price increase.
In the summer of 2023, we could see a similar or even stronger bull run than at the beginning of the year. If Bitcoin breaks out of its sideways movement and moves towards $40,000, the Cardano price could also rise sharply. A sharp move above $0.50 seems almost certain in this case. The Cardano course could possibly scratch the $1 mark.