As the cryptocurrency market continues to see bullish expectations, one particular crypto analyst, known as @Av_Sebastian on X (formerly Twitter), predicts that the Cardano price could potentially rise to $2. This optimism is attributed to the highly anticipated Chang upgrade scheduled for the Cardano network. The crypto analyst has expressed confidence that the ADA price could surge by more than 300% in response to this upcoming event.
Historically, Cardano network upgrades have had a significant impact on the price of ADA. The introduction of the Alonzo hard fork in 2021, for example, enabled smart contract capabilities on the network. This development paved the way for the integration of decentralized finance (DeFi) applications on Cardano, attracting a new wave of users to the blockchain. Prior to the Alonzo hard fork, the ADA price experienced an exponential increase from $0.2 to a new all-time high of $3.1, representing a remarkable rally of over 30x within a year.
Looking ahead, the upcoming Chang upgrade is expected to drive further growth in the ADA price. @Av_Sebastian has projected a potential 370% increase in the value of ADA, reaching $2 by August. The timeline for this price surge aligns with the completion of the node update process, scheduled for August. The crypto analyst emphasizes the importance of node upgrades in fueling price rallies, drawing parallels to previous instances where ADA prices surged in response to significant network advancements.
Cardano Chang Upgrade and Investor Sentiment
Investors are increasingly optimistic about the Cardano Chang upgrade, as it promises to enhance governance features on the network. The implementation of an advanced governance system, treasury and annual budgets, as well as improved support, are among the key improvements expected from the upgrade. Cardano Founder Charles Hoskinson has emphasized the significance of this upgrade for the ADA ecosystem, highlighting its potential to usher in transformative changes for the network.
For the Chang upgrade to take place successfully, at least 70% of all Cardano nodes must be updated to version 9.0. The network upgrade is currently anticipated to occur in August 2024, signaling a pivotal moment for the Cardano community. Despite the excitement surrounding the upcoming upgrade, the ADA price has not experienced a substantial reaction thus far. At the time of writing, ADA is trading at $0.4254, reflecting a 7.78% decline over the past seven days.
The future of Cardano appears to be bright, with the upcoming Chang upgrade poised to drive significant growth in the ADA price. Investors are eagerly anticipating the implementation of new governance features and network enhancements, which are expected to catalyze further adoption and development within the Cardano ecosystem. As the crypto market evolves, Cardano stands out as a promising project with the potential to revolutionize the way decentralized applications are built and deployed.