Cardano (ADA) Prepares for Chang Hard Fork Amidst Rising Investor Interest
The Cardano blockchain is on the cusp of a transformative shift with the imminent Chang hard fork. This critical upgrade is the final piece of the puzzle in Cardano’s transition from a centralized to a fully decentralized network, marking the beginning of the Voltaire era.
Network Upgrade and Governance Transition
The latest validator node software, Node 9.1.0, is now live and incorporates the necessary changes to facilitate the hard fork. Once 70% of validators have upgraded, the Chang hard fork can be implemented.
The hard fork is expected to introduce on-chain governance mechanisms, allowing ADA holders to participate in decision-making through elected representatives. This shift in governance power from Input-Output Hong Kong to the community is a major milestone for Cardano.
Bullish Sentiment and Price Predictions
While the network gears up for the Chang hard fork, Cardano has also been attracting investor attention. On-chain analytics firm Santiment has identified ADA as one of the altcoins heavily shorted in the market, suggesting a potential price surge due to potential short squeezes.
Technical analysis by “S_CAPITAL” on TradingView reveals a bullish falling wedge pattern on the daily chart, indicating a potential breakout for ADA. The analyst has identified favorable entry points and set a target price of $0.72, suggesting a potential upside of over 76% from current levels.
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