Cardano's ecosystem saw major advancements with the release of Daedalus v7.0.0, a key update preparing for its highly anticipated Constitution
Cardano (ADA) price soared by 7% on December 17, reaching a new all-time high (ATH) of $1.2. The recent surge in ADA price comes amidst a broader sell-off in the cryptocurrency market, which saw Bitcoin (BTC) and Ethereum (ETH) both declining.
Despite the sell-off, ADA price has remained resilient, thanks to a number of positive developments within the Cardano ecosystem. These developments include the upcoming launch of the Alonzo hard fork, which will bring smart contract functionality to Cardano, and the recent announcement of a partnership with Chainlink (LINK) to integrate Chainlink’s decentralized oracle network into Cardano.
The Alonzo hard fork is scheduled to launch on December 28, and it is widely expected to have a major impact on ADA price. Smart contract functionality will open up a whole new world of possibilities for developers, who will be able to create a wide range of decentralized applications (dApps) on Cardano.
These dApps will be able to leverage Cardano’s unique features, such as its high吞吐量, low transaction fees, and strong security, to create powerful and innovative new applications.
In addition to the Alonzo hard fork, another key development that is likely to impact ADA price in 2023 is the launch of the Hydra Layer 2 scaling solution. Hydra is designed to significantly increase Cardano’s吞吐量, allowing it to handle a much larger volume of transactions.
This will be essential for Cardano to remain competitive with other Layer 1 blockchains, such as Solana (SOL) and Avalanche (AVAX), which are already capable of processing a high volume of transactions.
Overall, the technical outlook for ADA price is bullish, with strong support levels at $1 and $0.9. If ADA price can continue to hold above these levels, it is likely to retest the recent ATH and potentially make a move towards $2 in the coming weeks.
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