Cardano is one of the cryptocurrencies that continues to have optimistic expectations from crypto analysts. One crypto analyst, in particular, who knows @Av_Sebastian on X (formerly Twitter), believes that the Cardano Price could reach $2, crediting the upcoming Chang update as the reason for this.
Cardano will reach $2 soon
In a post on X (formerly Twitter), the crypto analyst revealed his expectation for Cardano’s price, saying it could rise 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 updates to the Cardano network, all of which caused the price of ADA to rise in response. A notable example of the ADA price The mobilization 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 contract capabilities to the network. This meant that the emerging 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 it went from $0.2 to a new all-time high of $3.1, rising more than 30 times in the space of a year. Going by this, Sebastian hopes that the ADA price could organize a similar rally.
According to Sebastian, the Chang update, which will see all nodes updated by August, will be the main driver of this. As a result, he expects ADA to rise 370% to $2, and the timeline for this is set for August, just two months away.
Thus, in June the Cardano blockchain will receive the node update and in August all nodes should be updated and Chang should be active.
Before all other major hard forks, $ADA the price went crazy.
$2 $ADA in August is highly likely!– Sssebi🦁 (@Av_Sebastian) June 10, 2024
Chang update gains ground
O Cardano Chang Update is already gaining ground as investors look favorably on it. The update is expected to help grant users greater control when it comes to network governance. Some of the main changes expected with the update will be an advanced governance system, treasury and annual budgets, as well as better support.
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Cardano founder Charles Hoskinson also commented on the upgrade, saying it is a big change for ADA. The update will move all Cardano nodes to version 9.0. However, at least 70% of all node operators are required to update to new version before the update can occur. At this point, the network upgrade is expected to happen sometime in August 2024.
Until here, the ADA price did not show any significant reaction to the upcoming update. The altcoin continues to trend down at $0.4254 at the time of writing, with a decline of 7.78% over the last seven days.
Featured image created with Dall.E, chart from Tradingview.com