The price of ADA, the native cryptocurrency of the Cardano blockchain, surged on July 26. The rally closely followed the introduction of validator node 9.1.0, which takes the network a step closer to the Chang hardfork.
ADA was in a downtrend between March 15 and July 5, with the token’s price dropping more than 60% from $0.8102 to $0.3171.
However, since then, the token has moved past the $0.40 mark on multiple occasions and is currently hovering over the $0.41 mark.
As the Chang hardfork launch drew closer, Cardano witnessed a surge in whale activity. On July 22, these whale addresses recorded an inflow of 5.14 billion ADA, valued at approximately $2.1 billion at the time.
This was complemented by a shift in investor trends as long-term holders also increased their balances, accumulating approximately 2 billion ADA.
Now, some analysts expect ADA to hit new highs during the next bull run. Crypto analysis platform Altcoin Daily projected the price of the token to reach $9, which is over 2000% of ADA’s current price levels.
Crypto analyst Ray Trader made similar estimations, saying ADA could hit as high as $9. He based his estimation on an Elliott Wave pattern analysis, suggesting that ADA is concluding the second wave, characterised by a notable price correction.
Source: TradingView
As this wave ends, the third wave, which is typically the most explosive, is expected to begin.
This surge could potentially drive Cardano’s price to $7. Subsequently, a correction in the fourth wave may occur, setting the stage for a final bullish fifth wave that could push the price up to $9.
The Chang hardfork
Announced on July 25, Node 9.1.0 is the latest iteration of the Cardano network’s node validation software. The new node includes the Conway genesis file, which will help the network pass the Chang Hard Fork upgrade.
The Chang upgrade allows for the creation of on-chain governance mechanisms. The upgrade will establish a constitutional committee and delegate representatives, known as DReps, who will vote on behalf of ADA coin holders.
As part of the upgrade, stake pool operators (SPOs) will also receive new governance roles. All proposals and voting actions will occur directly on the blockchain.
The upgrade will go live once 70% of all SPOs upgrade to the new node. At the time of publication, 18% of SPOs had upgraded to the new node.
As previously reported by Invezz, there crypto community has also been speculating about the launch of an ADA ETF.
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