Cardano (ADA) is gearing up for a critical upgrade, the Chang Hard Fork, scheduled for later this month. This event has sparked anticipation within the cryptocurrency community, with some analysts predicting a potential 130% price surge for ADA, mirroring the gains witnessed before Cardano’s previous hard fork in 2021.
Despite currently trading at $0.3477, a significant drop from its all-time high, historical trends suggest a possible reversal. Market intelligence platform IntoTheBlock highlighted that ADA’s price jumped 130% in the lead-up to the Alonzo hard fork in September 2021, which introduced smart contracts to the Cardano network.
The Chang Hard Fork signifies a much more substantial upgrade, ushering in the Voltaire era – the final stage of Cardano’s development roadmap. This era focuses on achieving complete network decentralization.
A key element of the Chang Hard Fork is the implementation of a voting and treasury system. This system empowers ADA holders to influence the network’s future through staking and voting rights, granting them a direct say in its development. Proposals for network improvements can be submitted by participants and voted upon by stakeholders, ensuring a community-driven approach.
Cardano founder, Charles Hoskinson, has emphasized the significance of the Chang Hard Fork, calling it the network’s most significant milestone. This upgrade aims to transition Cardano away from IOHK’s control and towards a fully decentralized future.
While ADA’s price has experienced recent setbacks, the upcoming Chang Hard Fork, coupled with historical performance, suggests a potential turnaround. If history repeats itself, ADA could surge by 130%, reaching around $0.8 in the coming days. However, it’s crucial to remember that the cryptocurrency market is inherently volatile, and past performance is not necessarily indicative of future results.
