As the Cardano hard fork is fast approaching, analysts have analyzed the impact on ADA’s price and what it could spell for the blockchain.
- Cardano’s upcoming Chang hard fork could redefine blockchain governance and boost ADA’s value. Despite recent price declines, ADA’s active addresses were increasing, signaling potential recovery.
Cardano [ADA] was trading at $0.3586 at press time, reflecting a 6.8% decrease over the past week and a further decline of 0.3% in the last 24 hours.
As ADA struggles with these continuous price drops, the crypto community is closely monitoring upcoming developments that could potentially shift the narrative for this blockchain project.
Renowned crypto analyst Dan Gambardello recently shared his perspective on Cardano’s future in a post on X (formerly Twitter), highlighting that the Cardano Chang hard fork, scheduled for the 1st of September, could mark a turning point.
Will the Chang Hard Fork be a game changer?
Gambardello emphasized that this upgrade is more than just a technical enhancement; it represented a “fundamental shift” in blockchain governance.
He pointed out that the hard fork will place over $600 million worth of ADA entirely in the hands of its community, a figure that could rapidly increase to $5 billion or even $10 billion depending on ADA’s price movements.
The analyst noted,
“With such a governance model, Cardano could very well redefine what it means to be a leading blockchain, potentially attracting more developers, users, and investors.”
Further stressing the impact on the blockchain, Gambardello stressed that this shift is not only about technological improvements like faster transactions or lower fees.
Instead, it is about “empowering true decentralization” and establishing a global financial operating system that works for everyone in a secure, scalable, and decentralized manner.
He added:
“No longer will Cardano be seen as yet another project run by some large organization; it will be a community-driven powerhouse. Cardano has been the underdog, underestimated by so many. But here it is, all going as planned as it remains a top ten crypto.”
ADA’s fundamentals amid price decline
While Gambardello’s outlook is optimistic, it’s worth examining ADA’s fundamentals to assess its readiness for this anticipated shift.
For example, per data from Santiment, ADA’s active addresses have been on a consistent decline after peaking at over 340,000 earlier this year in March. However, there has been a slight recovery this month.
Source: Santiment
After hitting a low of around 110,000 active addresses in recent weeks, the number has now risen to over 132,000 as of today.
This increase in active addresses could indicate a renewed interest in the network, which might support a price recovery if sustained.
On the other hand, ADA’s whale transactions, defined as transactions greater than $100,000, have shown a different trend.
Earlier this month, these large transactions spiked to 8,670, reflecting significant activity among large holders.
Source: IntoTheBlock
However, this number has since declined to approximately 2,830 as of press time.
The drop in whale transactions could suggest a decrease in interest or confidence among large investors, which might put further pressure on ADA’s price if this trend continues.
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