• Cardano announces successful projects from Fund5 of Project Catalyst, set to initiate Fund6 to support new decentralized applications.
  • Input Output Hong Kong launches public testnet for smart contract integration, reveals that the Alonzo Purple upgrade is imminent.
  • Charles Hoskinson predicts tons of Dpp development, Reddit, and forums filled with projects after smart contract launch.

Cardano inches closer to smart contract deployment and gears up for a bullrun ahead of the Alonzo hardfork.The altcoin’s price may briefly retrace before rallying further.

ADA set to rally ahead of Alonzo hardfork and smart contract launch

Cardano’s Project Catalyst is a series of experiments that brings on-chain governance to the Cardano blockchain and allows participants to deploy funding to proposals that tackle the most challenges. The fifth series of funds were deployed to successful projects and support was initiated for the next series, Fund6.

It is expected that projects that are part of Project Catalyst will go live on the Cardano network once smart contract functionality is live.

The update comes within a week of Input Output Hong Kong (IOHK), a public blockchain that hosts Cardano, which launched a public testnet for smart contract integration. This announcement marks the first time a public testnet hosts exchanges, developers, and graduates of ADA’s programs ahead of the Alonzo hardfork. 

Once the team has been onboarded, the Alonzo Purple upgrade is imminent. Alonzo Purple is the third and final stage of the three-stage upgrade to the Cardano network. 

IOHK recently revealed the news in a series of tweets

Charles Hoskinson, CEO, and Founder of IOHK, recently slammed critics of the project and commented on the launch of smart contracts. 

Traders have a bullish outlook on Cardano in light of recent events, as the altcoin’s price has surged 21.8% in the last two weeks and could potentially rally to $5. ADA has crossed the 2018 high of $1.39. This is a critical price level since the altcoin failed to close above $1.39 for five out of the last six months.

The attempt to close above the critical price level in May 2021 was followed by a reversal from the high. At the time of writing, ADA is trading at $1.56. If the price drops below the critical level of $1.39, it may briefly retrace before hitting $5 in this bullrun. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis