The developers behind the Cardano blockchain network have announced that they will release its next protocol level update, termed as Alonzo, by this summer. The upgrade will empower Cardano with support for smart contracts, which can potentially increase its preference as a destination for DeFi and DApps in the coming months.

With IOHK – the creators of Cardano, confirming the addition of the smart contracts feature soon, the blockchain network looks all set to take on popular rival Ethereum and pull away some of its attention, especially securing higher popularity within the DeFi ecosystem. This is especially crucial given that Ethereum has been plagued with several issues recently, related to high congestion and high transaction fees.

This announcement is likely to increase investor interest in the blockchain network and potentially drive the value of ADA higher in the medium term. At the time of writing, ADA/USD is trading somewhat steady around the 1.20 level as we approach the weekend.

Weekends typically see increased activity and volatility in the crypto market and makes for an exciting time with ample price action in leading digital currencies. If you’re planning to trade ADA today or over the weekend, keep an eye out for the next resistance around 1.45, a break above which can take prices all the way up to 1.70 and potentially even 2.20. On the other hand, ADA finds support at 0.95 for now, but if this level fails due to increased selling pressure, Cardano could crash as low as 0.72.