The approaching Cardano Chang Hard Fork could spark a 130% price surge this month, repeating ADA’s historic price jump before its previous hard fork in 2021.
Cardano (ADA) is yet to fully recover from the bearish onslaught it experienced over the past few weeks. As a result, its price continues to set new lows by the week. At press time, ADA trades at $0.3477 after losing 5.50% of its value over the past day. This price reflects a substantial loss of 22.1% over the past month.
However, historical trends suggest a turnaround could be lurking this month. Market intelligence platform IntoTheBlock called attention to the historical observation in a recent post on X. The report noted that Cardano is prepared to undergo a technical upgrade, the Chang Hard Fork, this month.
It pointed out that ADA experienced a remarkable 130% price surge before its previous hard fork in 2021, jumping from $1.35 to $3.10.
Cardano is preparing for the Chang Hard Fork, set to occur by the end of July.
It’s worth noting that before its previous hard fork in 2021, $ADA surged 130%, from $1.35 to $3.10 in just a month. pic.twitter.com/E8zTEgZM6k
— IntoTheBlock (@intotheblock) July 6, 2024
Notably, this referred to the Alonzo hard fork on September 12, 2021. This fork introduced smart contract credentials to the Cardano network using Plutus, facilitating the deployment of dApps.
Indeed, ADA hit the $3.10 all-time high on September 2, 2021, ten days before the Alonzo upgrade. The hype surrounding the advent of smart contract functionality on Cardano helped ADA more than double in value in under four weeks.
Cardano Prepares for the Most Major Hard Fork
Now, Cardano is on the verge of another pivotal upgrade, the Chang Hard Fork. Notably, this upgrade will usher the network to the final phase of its development roadmap, the Voltaire era. This era will provide the final components necessary for the Cardano network to achieve self-sustainability.
It comes with a voting and treasury system that will empower network participants to shape the future of the network through their stake and voting rights, allowing them to have a direct say in its development.
The Cardano team believes achieving true decentralization requires a distributed infrastructure and the ability to maintain and improve the network over time in a decentralized manner.
To achieve this, the Voltaire era will introduce a new feature that enables network participants to submit proposals for improving Cardano. Stakeholders can then vote on it through the existing delegation process.
Essentially, the upcoming Chang hard fork aims to fully decentralize the network and transition it out of IOHK’s management. Cardano founder Charles Hoskinson has touted this upgrade as the most prominent landmark in the network’s history.
ADA Price if History Repeats
While ADA’s value has suffered significant setbacks in recent weeks, a potential turnaround could be on the horizon based on historical trends. If history repeats itself, ADA’s price could surge by 130% from its current $0.3477, potentially propelling it to around $0.8 in the coming days.
