Although the Cardano Chang hard fork did not happen on schedule, it is still the most positive development for ADA price at the moment. The completion of the hard fork is expected to lead to a surge in ADA price that could push it towards the previous all-time high of $3.1. However, the question remains as to whether the expected surge will be as significant as the 2021 rally that followed the Alonzo hard fork.
Legendary Cardano Rally 2021
In 2021, the Cardano Alonzo Hard Fork was one of the most important events in the cryptocurrency market, with expectations that smart contracts and decentralized finance (DeFi) capabilities would finally appear on the network. This anticipation caused the price to rise as a result.
In the months leading up to the hard fork, Cardano’s price had soared from $0.2 to over $3.1. By the time Alonzo’s hard fork was completed in September 2021, ADA’s price had already completed a rally of over 1,400%, outperforming the likes of Bitcoin and Ethereum at the height of the crypto bull market.
The 2021 trajectory highlights the bullish trend surrounding all hard forks on the network and how it can contribute to price increases. A similar bullish trend could follow the ADA price with the Cardano Chang Hark fork prediction, but what happens if it surges as it did in 2021?
Can ADA Price Reverse 2021 Rally?
The Cardano Chang Hark fork was expected to happen sometime in Q2, according to company founder Charles Hoskinson. However, Q2 ended at the end of June and the hard fork has not yet been completed. This gives the market more time to build momentum before the actual upgrade.
Now, coming back to the ADA price, there are already high expectations that this would push the ADA price to the desired level of $1. But given the rise in 2021, a similar rise could push the price above the expected $1.
A 1,400% rise from its current price would take ADA to $5.7 at the top of the channel. This would also mean that Cardano would hit an all-time high this year, if things go similarly to the 2021 hard fork.
At the time of writing, Cardano continues to trend at $0.41, with a 4% increase in the last 24 hours.
Featured image created using Dall.E, chart from Tradingview.com