The day is finally here, Cardano (CCC:ADA-USD) fans. Sunday marked the very first time smart contracts could be used on the Cardano network, and the implications of the upgrade are huge. And while the ADA coin is trading down today, there’s plenty of reason to believe it will head back up toward $3 and beyond. Investors are now seeking out Cardano price predictions to see just how high ADA can go on the news.
Cardano’s newest hard fork, dubbed the Alonzo Purple upgrade, is one of the largest in the network’s history. It brought smart contracts to the chain, allowing it to compete directly with crypto monoliths like Ethereum (CCC:ETH-USD), whose smart contract capabilities have allowed it to lead the pack for years now. It brings a whole new wave of utility to the chain and allows the network to enter the rapidly growing non-fungible token (NFT) market. In addition, it allows for transaction efficiency; the Cardano network will become faster, more scalable and more affordable as a result of the upgrade.
Cardano Price Predictions Surge as “Selling the News” Creates Buying Opportunity
The news has been a long time coming for Cardano fans; smart contracts have been discussed among Cardano bulls for a long time now, and the initial news about the upgrade broke over a month ago. Indeed, with all of the hype building over such a long time, it is all but expected that the actual upgrade would precipitate a selloff. As investors “sell the news” this morning, just a day after the fork, ADA has dropped about 10%.
Cardano bulls see the dip as a buying opportunity, allowing them to add more ADA to their portfolios. But is ADA really heading toward massive gains? Let’s take a look at some Cardano price predictions and see what the analysts think:
- WalletInvestor thinks ADA is bound for big all-time highs in the next year. In their 12-month ADA prediction, the site forecasts a $4.74 price for ADA by September of 2022.
- CoinPriceForecast thinks ADA can chase down a new all-time high before the end of the year. By December, the outlet suggests a $3.46 price point for the coin.
- The Economy Forecast Agency suggests ADA will see some sideways trading to end the year. By the close of December, the outlet forecasts a price of just $2.53 for ADA.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.