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 recover fully from the recent bearish onslaught. As a result, its price continues to set new lows weekly. Currently, ADA trades at $0.3477 after losing 5.50% of its value over the past day, reflecting a substantial 22.1% loss over the past month.
Historical Trends Suggest a Turnaround
Despite recent losses, historical trends suggest a possible turnaround this month. IntoTheBlock highlighted this observation in a recent post on X. The platform noted that Cardano will undergo a technical upgrade, the Chang Hard Fork, this month.
ADA experienced a remarkable 130% price surge before its previous hard fork in 2021. The price jumped from $1.35 to $3.10 before the Alonzo hard fork on September 12, 2021. The Alonzo upgrade introduced smart contract capabilities to the Cardano network using Plutus. This enabled the deployment of decentralized applications (dApps).
Cardano Prepares for the Most Major Hard Fork
ADA hit its all-time high of $3.10 on September 2, 2021, ten days before the Alonzo upgrade. The excitement around smart contract functionality on Cardano helped ADA more than double in value in under four weeks.
Now, Cardano is on the verge of another pivotal upgrade, the Chang Hard Fork. This upgrade will usher the network into the Voltaire era, the final phase of its development roadmap. The Voltaire era will provide the components necessary for the Cardano network to achieve self-sustainability.
Voltaire Era: Empowering Network Participants
The upgrade includes a voting and treasury system that will empower network participants. They can shape the network’s future through their stake and voting rights. This allows participants to have a direct say in its development.
The Cardano team believes true decentralization requires a distributed infrastructure. It also requires 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. This feature enables network participants to submit proposals for improving Cardano. Stakeholders can vote on these proposals through the existing delegation process.
Potential ADA Price Surge: History Repeating?
The upcoming Chang Hard Fork aims to fully decentralize the network. It will transition it out of IOHK’s management. Cardano founder Charles Hoskinson has touted this upgrade as the most significant in the network’s history.
While ADA’s value has suffered recently, a potential turnaround could be near. If history repeats itself, ADA’s price could surge by 130% from its current $0.3477. This surge could potentially propel it to around $0.8 in the coming days.
Read Also: Cardano (ADA) Price Trends: Analyzing Whether ADA Can Hit $1 Amid Current Volatility
In conclusion, the upcoming Chang Hard Fork on Cardano presents a compelling opportunity for investors, as the network prepares to enter its final phase of development. The historical precedent of a 130% price surge before the previous hard fork suggests that ADA may be poised for a remarkable comeback in the near future.
