Cardano ($ADA) Regains $2.50, Can it Retest ATH Before Sunday Alonzo Upgrade?

Prashant Jha
September 9, 2021
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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.

Cardano
Source: TradingView

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).

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.

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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.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.