Scott Matherson
Cardano is one of the cryptocurrencies that continues to see bullish expectations from crypto analysts. One crypto analyst, in particular, 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 reason 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 more than 300% from here. Sebastian explained that the reason for this is the upcoming Cardano hard fork that has sparked excitement in the community.
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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 excitement surrounding the Alonzo hard fork in 2021.
The Alonzo hard fork was important because 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 new wave of users to the blockchain.
In the months leading up to the Alonzo hard fork, the ADA price went from $0.2 to a new all-time high of $3.1, rallying over 30x in the space of a year. Going by this, Sebastian expects that the ADA price could put on a similar rally.
According to Sebastian, the Chang upgrade, which will see all nodes updated by August, will be the major driver behind this. As a result, he expects that ADA will rise 370% to $2 and the timeline for this is placed for August, which is only two months away.
So, in June the Cardano blockchain will receive the node upgrade and in August all nodes should be updated and Chang should be live.
Before all other important hard forks, $ADA price went nuts.
A $2 $ADA in August is highly 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 expected to help grant users greater control when it comes to the network’s governance. Some of the major changes expected from the upgrade will be an advanced governance system, treasury and annual budgets, as well as better support.
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Cardano Founder Charles Hoskinson has also commented on the upgrade, saying that it is a major change for ADA. The upgrade will move all Cardano nodes to version 9.0. However, at least 70% of all node operators are required to upgrade to the new version before the upgrade can occur. At this time, the network’s upgrade is expected to happen sometime in August 2024.
So far, the ADA price has not shown any significant reaction to the upcoming upgrade. The altcoin continues to trend low at $0.4254 at the time of writing, with a 7.78% decline in the last seven days.
Featured image created with Dall.E, chart from Tradingview.com