Cardano poised for $130 surge: Key factors behind predicted rise

The upcoming Cardano Chang Hard Fork could trigger a 130% price surge this month, repeating ADA’s historic price surge ahead of a previous hard fork in 2021.

Cardano (ADA) has yet to fully recover from the bear attack it suffered over the past few weeks. As a result, its price continues to hit new lows every week. As of now, ADA is trading at $0.3477, having lost 5.50% in value over the past day. This price reflects a massive loss of 22.1% over the past month.

However, historical trends suggest a turnaround could be lurking this month. Market intelligence platform IntoTheBlock mentioned this historical observation in a recent article. Reports indicate that Cardano is preparing for a technical upgrade this month, namely the Chang Hard Fork.

The report noted that ADA experienced a significant 130% price surge ahead of its previous hard fork in 2021, surging from $1.35 to $3.10.

It is worth noting that this refers to the Alonzo hard fork on September 12, 2021. This fork uses Plutus to introduce smart contract functionality to the Cardano network, enabling the deployment of dApps.

In fact, ADA reached its all-time high of $3.10 on September 2, 2021, 10 days before the Alonzo upgrade. The hype surrounding the emergence of Cardano’s smart contract functionality has caused ADA to double in value in less than four weeks.

Now, Cardano is about to usher in another major upgrade, the Chang Hard Fork. Notably, this upgrade will bring the network into the final phase of its development roadmap, the Voltaire era. This era will deliver the final components required for the Cardano network to become self-sustainable.

It comes with a voting and treasury system that will enable network participants to shape the future of the network through their stake and voting rights, giving them a direct say in its development.

The Cardano team believes that achieving true decentralization requires a decentralized infrastructure and the ability to maintain and improve the network over time in a decentralized manner.

To achieve this, the Voltaire era will introduce a new feature that will enable network participants to submit proposals to improve Cardano. Stakeholders can then vote on it through the existing delegation process.

Basically, the upcoming Chang hard fork aims to fully decentralize the network and take it away from IOHK’s management. Cardano founder Charles Hoskinson touted the upgrade as the most significant milestone in the network’s history.

While the value of ADA has suffered a major setback in recent weeks, based on historical trends, a potential turnaround could be on the horizon. If history repeats itself, the price of ADA could surge 130% from the current $0.3477, potentially rising to around $0.8 in the coming days.

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