Cardano price gears up for 40% price rally after surpassing key milestone

Cardano Network hit a key milestone, as the number of smart contracts, used to validate transactions, crosses 3,000. Despite the delay in the Vasil hard fork, analysts have predicted a breakout in the altcoin. 

Also read: Where is Cardano price headed next after ADA staking goes mainstream

Cardano Network hit a key milestone ahead of the Vasil hard fork

While the Vasil hard fork was delayed two times by  the developers of the Cardano network Input Output Global (IOG), analysts retain a bullish outlook on Cardano. Ahead of the Vasil hard fork, there is a large number of network participants and holders awaiting the update. 

The number of smart contracts on a Cardano-based smart contracts platform, Plutus Scripts crossed 3,000, and this is considered a key milestone for the asset. 

Plutus Scripts 

Charles Hoskinson recently commented on the delayed Vasil hard fork. Hoskinson was quoted as saying,

…the problem is that every time something is discovered, you have to fix it. But then you have to verify the fix and go back through the entire testing pipeline.

Hoskinson emphasized the importance of completion of the entire testing pipeline before the Vasil hard fork is implemented. 

The IOG team is working on the two bugs that were discovered, on nodes v.1.35.1 and v.1.35.2. This would speed up the development on the Vasil hard fork. 

Analysts are bullish on Cardano price rally

RektCapital, a crypto analyst evaluated the Cardano price trend and noted that ADA price witnessed a recent breakout from a Falling Wedge chart pattern. This pattern usually occurs when the asset’s price is moving in an overall bullish trend before a correction. Cardano price is now expected to burst through the upper trend line, past $0.515 to begin a 40% rally. 

ADA-USD price chart