Cardano is one of the cryptocurrencies that continues to meet bullish expectations from cryptocurrency analysts. In particular, one cryptocurrency analyst who contacts @Av_Sebastian on X (formerly Twitter) believes that Cardano’s price could rise to as much as $2, citing the upcoming Chang update as the reason.
Cardano will soon reach $2
In a post on X (formerly Twitter), a cryptocurrency analyst revealed his expectations for Cardano’s price, saying it could rise by more than 300%. Sebastian explained that the reason for this is the upcoming Cardano difficult fork, which has caused excitement in the community.
The cryptocurrency analyst refers to previous updates to the Cardano network, all of which resulted in ADA prices rising in response. A notable example of ADA pricing increasing in response to network modernization is the excitement surrounding the 2021 Alonzo difficult fork.
The Alonzo difficult fork was critical because it introduced astute contract capabilities to the network. This meant that the burgeoning decentralized finance (DeFi) sector would eventually debut on the Cardano network, bringing a up-to-date wave of users to the blockchain.
In the months leading up to the Alonzo difficult fork, the price of ADA rose from $0.2 to a up-to-date record high of $3.1, reaching a more than 30-fold raise in the year. Given this, Sebastian expects the price of ADA could raise in a similar manner.
According to Sebastian, the main factor will be the Chang update, which will see all nodes updated by August. As a result, ADA is expected to raise 370% to $2, with the timeline set for August, just two months away.
So in June, the Cardano blockchain will receive a node update, and in August, all nodes should be updated and Chang should be operational.
Before all other major difficult forks, $ADA the price is crazy.
$2 $ADA in August is very likely!— Sssebi🦁 (@Av_Sebastian) June 10, 2024
The Chang upgrade is gaining popularity
The Cardano Chang Improvement It is already gaining popularity because investors look at it favorably. The update is expected to support give users more control over network management. Key changes expected as a result of the update include an advanced management system, treasury and annual budgets, and improved support.
Cardano founder Charles Hoskinson also commented on the improvement, saying that it is a major change for ADA. The update will bring all Cardano nodes to version 9.0. However, at least 70% of all node operators have such an obligation upgrade to up-to-date version before the update can take place. The network upgrade is currently expected to occur in August 2024.
So far, ADA price has not shown any significant reaction to the upcoming update. At the time of writing, the altcoin is still trending low at $0.4254, down 7.78% over the last seven days.
Featured image created with Dall.E, chart from Tradingview.com
