- Analysts suggest that Cardano (ADA) is poised for a significant price rally, potentially reaching up to $2.70 in the near term and surpassing $7.82 in the long run.
- Cardano is leading in blockchain development activity and is preparing for the Chang hardfork. 72% of Stake Pool Operators have installed the necessary software.
The Cardano blockchain network continues to dominate blockchain activity among other market players, which leads analysts to believe that this could set the stage for the next major Cardano price rally, reported CNF.
In his recent post on the X platform, market analyst Javon Marks noted that the Cardano (ADA) price is gearing up for a major breakout, which could set the stage for a rally to $2.7 in the long term. Marks remarks:
As ADA (Cardano) continues to hold breakout, sights remain on a massive bull run to come in, which can lead all the way up to $5+. From the holding breakout, these prices can be poised for an over 732% uphill run to first $2.7709 and based on the previous breakout and run higher can be possible,
The analyst noted that if the breakout happens and the Cardano price surges past three resistance walls, it can further see an upside of 1400-2,200% to $7.82 levels, per the CNF report. Amid the broader market volatility, the ADA price has come under severe selling pressure, dropping under $0.30 last week. As of press time, ADA is trading 1.49% down at $0.3429 with a market cap of $12.322 billion. It is already trading at a 15% discount on the weekly chart.
Another chartist known as Bitcoin ATM expressed similar views, suggesting that Cardano is gearing up for a significant upswing, potentially occurring before the end of the year.
Cardano Development Activity and Chang Hardfork
According to data from the blockchain analytics platform Santiment, Cardano has been leading blockchain development activity. It ranks much above Ethereum and comes third after Internet Computer (ICP) and Hedera (HBAR). This user activity will help solidify ADA’s user adoption and potential future growth.
Now, the Cardano community is eagerly awaiting the Chang hardfork, which is likely to go live later this month. Recent reports from CardanoFeed indicate that around 72% of Stake Pool Operators (SPOs) have successfully installed the latest Cardano Node 9.1.0 software. This update is a key component of the Chang hardfork and represents an important milestone in the upgrade process.
#Cardano Chang Hard Fork Is Closer Than Ever…
Here’s Possible ETA…#Cardano ( $ADA ) is aligned to welcome the Chang hard fork, one of its major upgrades in history. Given recent developments, the launch looks closer than expected…SPOs indicate readiness for Chang hard… pic.twitter.com/7xrU7yLxuT
— Rémi Benays
(@BenaysRemi) August 10, 2024
Crypto exchange Bitfinex has also been one of the major contributors to preparing for the Chang hard fork. This hard fork would usher in a new Voltaire era, introducing decentralized governance on the Cardano network. Thus, per the CNF report, the holders of ADA cryptocurrency would have greater weight in the platform’s future development.
