Cardano is now being anticipated to have a bullish trend by cryptocurrency analysts. One specific analyst, @Av_Sebastian, has made a prediction that the price of Cardano may potentially increase by as much as $2.
According to the expert, the reason for this is the planned Chang upgrade, which has generated enthusiasm within the community. The price of ADA has surged in reaction to past network improvements, like as the Alonzo hard fork in 2021, which implemented smart contract functionality and facilitated the emergence of the decentralized banking sector.
Sebastian anticipates that the price of ADA will align with the Chang upgrade, which is expected to be the primary catalyst.
The upgrade is anticipated to provide users with enhanced authority over the network’s governance, encompassing a sophisticated governance system, treasury, annual budgets, and improved support.
Charles Hoskinson, the founder of Cardano, has expressed his opinion on the upgrade, emphasizing that it represents a significant transformation for ADA.
The upgrade is anticipated to occur in August 2024, transitioning all Cardano nodes to version 9.0. Nevertheless, a minimum of 70% of all node operators must do the upgrade before the upgrade can take place.
Presently, the ADA price has exhibited minimal response to the upgrade, as the altcoin is currently trading at around $0.42, experiencing a decrease of 7.80% over the past 7 days. The anticipated catalyst for the increase in ADA pricing is the Chang upgrade, scheduled for August 2024.
