Cardano is one in all the cryptocurrencies that continues to see bullish expectations from crypto analysts. One crypto analyst, particularly, who gets by @Av_Sebastian on X (formerly Twitter), believes that the Cardano price can rise as high as $2, crediting the upcoming Chang upgrade as the rationale for this.
Cardano Will Reach $2 Soon
In a post on X (formerly Twitter), the crypto analyst revealed their expectation for the Cardano price, saying it could rally greater than 300% from here. Sebastian explained that the rationale for that is the upcoming Cardano hard fork that has sparked excitement in the neighborhood.
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The crypto analyst refers to previous Cardano network upgrades, all of which have sent the ADA price rallying in response. One notable example of the ADA price rallying in response to a network upgrade is the joy surrounding the Alonzo hard fork in 2021.
The Alonzo hard fork was necessary since it introduced smart contracts capabilities on the network. This meant that the budding decentralized finance (DeFi) sector would eventually debut on the Cardano network, bringing a recent wave of users to the blockchain.
Within the months leading as much as the Alonzo hard fork, the ADA price went from $0.2 to a recent all-time high of $3.1, rallying over 30x within the space of a yr. Going by this, Sebastian expects that the ADA price could placed on an analogous rally.
Based on Sebastian, the Chang upgrade, which is able to see all nodes updated by August, will likely be the main driver behind this. In consequence, he expects that ADA will rise 370% to $2 and the timeline for that is placed for August, which is just two months away.
So, in June the Cardano blockchain will receive the node upgrade and in August all nodes must be updated and Chang must be live.
Before all other necessary hard forks, $ADA price went nuts.
A $2 $ADA in August is very likely!
— Sssebi🦁 (@Av_Sebastian) June 10, 2024
Chang Upgrade Gains Ground
The Cardano Chang upgrade is already gaining ground as investors are looking favorably toward it. The upgrade is predicted to assist grant users greater control in terms of the network’s governance. A few of the main changes expected from the upgrade will likely be a complicated governance system, treasury and annual budgets, in addition to higher support.
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Cardano Founder Charles Hoskinson has also commented on the upgrade, saying that it’s a serious change for ADA. The upgrade will move all Cardano nodes to version 9.0. Nevertheless, not less than 70% of all node operators are required to upgrade to the new edition before the upgrade can occur. Right now, the network’s upgrade is predicted to occur sometime in August 2024.
Thus far, the ADA price has not shown any significant response to the upcoming upgrade. The altcoin continues to trend low at $0.4254 on the time of writing, with a 7.78% decline within the last seven days.
ADA price recovers | Source: ADAUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com