Crypto Proponents Bet On Cardano To Surpass $5 This Year, But What Are The Odds Of A 500% Upsurge?

Key Takeaways

• Cardano community poll asks for opinions on if ADA will reach $5 in 2022.
• While some proponents think a 525% upsurge from current levels is possible, others do not.
• Cardano developers are more focused on network growth.

Cardano (ADA) has been in a drawdown along with the rest of the crypto market. Despite the obvious slump, market participants continue to speculate on possible prices the asset can reach this year.

Cardano proponents set their sight on $5 ADA

A recent poll by Cardano community members asked market participants to vote on if they think ADA will reach a $5 price this year.

From the remarked votes in the thread, the community’s opinion shows significant polarization. Community members who think the target is attainable attribute their optimism to several reasons.

One community member remarked that the arrival of Hydra, Cardano’s layer 2 scaling solution, would push the price of ADA to the milestone. “Cardano without Hydra is very limited,” the respondent said.

The comment resonates with what other Cardano community members have noted. Hydra and several other upgrades to bring scalability and optimization to the proof-of-stake network are being patiently waited upon by investors.

IOHK has already noted that major upgrades will be rolled out in June and October. These planned upgrades are also being awaited to enable Cardano to reach its full potential in DeFi and the corresponding DeFi TVL.

Cardano’s TVL has been skyrocketing as Charles Hoskinson also envisions a more immense total value locked in Cardano by June when many DApps building on Cardano are expected to go live after the Vasil hardfork.

“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL”

Conversely, several commentators do not see the possibility of Cardano surging the 525% it needs to reach the coveted price level, at least not in 2022. One user commented that ADA would have to break out from the downtrend first to elicit any confidence.

ADA is trading at around $0.80, down 2.79% in the last 24 hours. The current price is a -38.6% slide from its price from one month ago, -38.6% year to date, and a -73.9% drop from its all-time high price of $3.10.

ADAUSD Chart by TradingView

Cardano developers focused on improvements

While investors speculate on price targets, IOHK as well as developers of projects building on the ecosystem appear to be more focused on making the blockchain network a top competitor in the crypto space.

Cardano, which is billed to be an “Ethereum killer,” has its sights set on onboarding over 1 billion users globally. Hence the network is working towards upgrading its throughput to reach speeds of up to 1 million transactions per second.

The network also plans to become as decentralized as possible as well as become the most energy-efficient and affordable network to use in the blockchain industry.