Cardano ($ADA) Regains $2.50, Can it Retest ATH Before Sunday Alonzo Upgrade?
Cardano ($ADA), the third-largest cryptocurrency by market cap is currently recovering from the Tuesday bloodbath that led to a 35% price decline for $ADA from its ATH of $3.10. $ADA fell to a weekly low of $2.04 before starting its path to recovery. The altcoin is currently trading at $2.51 and looks to build momentum before the final Alonzo upgrade scheduled for upcoming Sunday.
The smart contract integration to the Cardano mainnet this Sunday would open the gates for new Dapps and NFTs on the blockchain. This is being seen as one of the biggest upgrades for the Cardano network as it would help it compete against the likes of Ethereum (ETH), Solana ($SOL), and Polkadot ($DOT).
Mid-week repo update: as we approach #smartcontract deployment on Sunday, #Cardano code forges continue to burn bright – 2,982 GitHub commits this week & counting…👏 💪Bookmark this excellent resource to follow the latest code commits👇https://t.co/k2J1Et9Hg5#Cardano $ADA pic.twitter.com/tUM61yuW61— Input Output (@InputOutputHK) September 8, 2021
The Alonzo purple, the first public testnet saw smart contract integration on September 1st while the first Dapp on the blockchain was launched soon after. However, traders experienced a lot of issues and complexities with the first Dapp where many complained about issues in getting their transaction processed. Many Ethereum proponents trolled the Dapp for being able to process only one transaction per block, but IOHK later came out with a blog to clarify that the issue was nothing big and it would be sorted before the mainnet upgrade.
Can Cardano Pull a Solana Post Upgrade?
Solana ($SOL) is now the sixth-largest altcoin by market cap after it took over XRP earlier today after posting another ATH of $210. The altcoin is on a dream run and has seen its price grow by 7X since August beginning. $SOL is currently in the price discovery mode and even Tuesday’s market crash didn’t impact its momentum even though it fell below $140.
Similarly, Cardano has also managed to see a 2.5X growth since August and $ADA proponents believe Sunday’s smart contract upgrade would send it into price discovery mode. The $2.50 was the key support area that the altcoin has already conquered and would now look to retest its previous ATH.Source