There has been a recent surge in bullish expectations for Cardano, with one crypto analyst predicting that the price could reach as high as $2. This prediction is based on the upcoming Chang upgrade, which has generated excitement within the Cardano community. The analyst, known as @Av_Sebastian, believes that the price of ADA could rally more than 300% from its current levels.
Previous Cardano network upgrades have shown a significant impact on the price of ADA. One notable example is the Alonzo hard fork in 2021, which introduced smart contracts capabilities to the network. This upgrade propelled the price of ADA from $0.2 to a new all-time high of $3.1, showcasing a remarkable 30x increase in value over the span of a year. Based on this historical data, the crypto analyst Sebastian expects that the upcoming Chang upgrade could trigger a similar rally in the ADA price.
The Chang Upgrade
The Chang upgrade is set to be a major milestone for Cardano, with all nodes expected to be updated by August. This upgrade aims to provide users with greater control over the network’s governance, implementing an advanced governance system, treasury and annual budgets, and better support features. Cardano Founder Charles Hoskinson has emphasized the significance of this upgrade, stating that it marks a major change for ADA. However, for the upgrade to take place, at least 70% of all node operators need to update to the new version.
Despite the positive outlook for the Chang upgrade, the ADA price has not yet shown a significant reaction. At the time of writing, ADA is currently trading at $0.4254, reflecting a 7.78% decline in the last seven days. Investors are closely monitoring the upcoming upgrade and its potential impact on the price of ADA.
The future of Cardano remains promising, with the upcoming Chang upgrade serving as a key catalyst for potential price growth. The $2 price prediction by @Av_Sebastian highlights the optimistic sentiment surrounding Cardano and its ability to rally in response to network upgrades. As the market eagerly awaits the implementation of the Chang upgrade in August 2024, the trajectory of ADA’s price will likely be influenced by the success of this significant milestone.
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