Cardano (ADA) is preparing for the Chang Hard Fork upgrade this month, which could potentially spark a 130% price surge.
Despite ADA’s recent bearish performance, historical trends suggest a turnaround could be imminent.
If history repeats itself, ADA’s price could surge by 130% from its current $0.3477, potentially reaching around $0.8 in the coming days.
Cardano (ADA) has been grappling with the aftermath of a bearish onslaught over the past few weeks, resulting in its price continually setting new lows.
Currently, ADA is trading at $0.3633, having lost 5.50% of its value over the past day and a substantial 22.1% over the past month.
Despite the recent downturn, historical trends suggest that a turnaround could be on the horizon, as Cardano prepares for a significant technical upgrade, the Chang Hard Fork, scheduled for this month.
Cardano is preparing for the Chang Hard Fork, set to occur by the end of July.It's worth noting that before its previous hard fork in 2021, $ADA surged 130%, from $1.35 to $3.10 in just a month. pic.twitter.com/E8zTEgZM6k
— IntoTheBlock (@intotheblock) July 6, 2024
Cardano’s Historical Price Surge Before Alonzo Hard Fork
Market intelligence platform IntoTheBlock recently drew attention to a historical observation in a post on X (formerly Twitter), noting that Cardano is poised to undergo the Chang Hard Fork upgrade this month.
The report highlighted that ADA experienced a remarkable 130% price surge before its previous hard fork in 2021, the Alonzo upgrade, which saw the cryptocurrency jump from $1.35 to $3.10.
Notably, the Alonzo hard fork, which took place on September 12, 2021, introduced smart contract capabilities to the Cardano network using Plutus, enabling the deployment of decentralized applications (dApps).
ADA reached its all-time high of $3.10 on September 2, 2021, just ten days before the Alonzo upgrade. The hype surrounding the introduction of smart contract functionality on Cardano played a significant role in ADA’s value more than doubling in less than four weeks.
As Cardano prepares for another pivotal upgrade, the Chang Hard Fork, the network is set to enter the final phase of its development roadmap, the Voltaire era. This era aims to provide the final components necessary for the Cardano network to achieve self-sustainability.