To mitigate the communication interruption problem caused by plasma encountered by hypersonic vehicles, a channel equalization method based on channel prediction is proposed. By investigating the correlation between reflected and transmitted signals, the relationship between transmitted and reflected signals is established; the reflected signal is utilized to predict plasma channel parameters in real time, and corresponding adaptive adjustment strategies are formulated based on the prediction results to counteract the impact of plasma parasitic modulation effects. The phase shift induced by plasma causes special rotation of the constellation diagram for phase-modulated signals, but exerts no significant influence on the main frequency range of frequency-modulated signals; moreover, frequency-modulated signals employ non-coherent demodulation, rendering the phase effect negligible. Consequently, Frequency-Modulated(FM) signals are less affected by plasma. Under the frequency modulation scheme, this paper leverages reflected signals to predict plasma channel characteristics in real time, and compensates for the attenuation caused by plasma parasitic modulation effects on transmitted signals through an adaptive power amplifier at the transmitting modulation stage. Simulation results demonstrate that, compared with non-adaptive modulation schemes, the algorithm adopting adaptive modulation to compensate for channel effects can effectively improve bit error performance.