The upcoming Cardano Chang Hard Fork is anticipated to trigger a significant 130% increase in price this month, echoing ADA’s impressive price surge prior to its last hard fork in 2021.
Cardano (ADA) is still in the process of recovering from recent bearish trends that have seen its value plummet over the past few weeks. Currently, ADA is trading at $0.3477, reflecting a 5.50% decline in value over the past day and a substantial 22.1% drop over the last month.
Despite these challenges, historical data suggests a potential turnaround on the horizon. Market intelligence platform IntoTheBlock highlighted this historical trend in a recent post, noting that Cardano is gearing up for a technical upgrade, the Chang Hard Fork, scheduled for this month.
The report pointed out that ADA experienced a remarkable 130% price surge leading up to its previous hard fork in 2021, soaring from $1.35 to $3.10. This surge was attributed to the Alonzo hard fork on September 12, 2021, which introduced smart contract capabilities to the Cardano network using Plutus, enabling the deployment of decentralized applications (dApps).
ADA reached its all-time high of $3.10 on September 2, 2021, just ten days before the Alonzo upgrade. The excitement surrounding the introduction of smart contracts on Cardano drove ADA’s value to more than double in less than four weeks.
As Cardano prepares for another significant upgrade, the Chang Hard Fork will mark the network’s transition to the final phase of its development roadmap, the Voltaire era. This era will provide the necessary components for Cardano to achieve self-sustainability, including a voting and treasury system that empowers network participants to influence the network’s future through stake and voting rights.
The upcoming Chang hard fork aims to fully decentralize the network and move it away from IOHK’s management. Cardano founder Charles Hoskinson has hailed this upgrade as a major milestone in the network’s history.
While ADA has faced challenges recently, there is potential for a turnaround based on historical trends. If history repeats itself, ADA’s price could surge by 130% from its current level of $0.3477, potentially reaching around $0.8 in the near future.
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