Cardano (ADA) is on the verge of a major transformation with the upcoming Chang hard fork, a pivotal upgrade that will complete Cardano’s transition from a centralized to a fully decentralized network, ushering in the Voltaire era.
Network Upgrade and Governance Transition
The latest validator node software, Node 9.1.0, is now live and includes the essential changes for the hard fork. The implementation of the Chang hard fork will occur once 70% of validators have upgraded. This upgrade will introduce on-chain governance mechanisms, empowering ADA holders to participate in decision-making through elected representatives. This transfer of governance power from Input-Output Hong Kong to the community marks a significant milestone for Cardano.
Bullish Sentiment and Price Predictions
As the network prepares for the Chang hard fork, investor interest in Cardano has surged. On-chain analytics firm Santiment has highlighted ADA as one of the most shorted altcoins in the market, indicating a potential price surge due to short squeezes.
Technical analysis by “S_CAPITAL” on TradingView shows a bullish falling wedge pattern on the daily chart, suggesting a potential breakout for ADA. The analyst has identified favorable entry points and set a target price of $0.72, which represents a potential upside of over 76% from current levels.
With the Chang hard fork on the horizon and growing investor interest, Cardano is positioned for a significant shift. Stay tuned for the latest updates as ADA navigates this transformative period and aims for a decentralized future.