The last few weeks have been anything but successful for Cardano: Although the ADA token did not suffer particularly large losses, the current price level was strongly influenced by the bearish sentiment on the crypto market. While the major cryptocurrencies such as Bitcoin and Ethereum have experienced double-digit gains in some cases in the past month, Cardano once again fell short of expectations.
However, this could soon change, as the upcoming Chang upgrade could push the price of the cryptocurrency to an extremely bullish price level. At least that is what a crypto expert who has taken a closer look at the ADA token claims.
Historical data shows: New upgrade could cause ADA price to explode
The crypto expert, known under the pseudonym Sssebi (@Av_Sebastian), regularly publishes analyses of various cryptocurrencies via his X-Account. Most recently, he has been working intensively on the Cardano project and its future. Among other things, he explained to his followers that the upcoming Chang upgrade, which is due to be implemented this month, is particularly important. It was announced in 2022 and is expected to bring significant improvements in the areas of administration and technical possibilities.
In one of his recent tweets, Sssebi compared the data of the past updates, referring in particular to the Alonzo upgrade, which was launched back in 2021. At that time, the introduction of the new technologies was able to significantly increase the ADA price. The crypto expert expects a similar development this month, once the new Chang upgrade has been implemented in the blockchain network.
He explained that the new upgrade could push the price to a level of up to $2 within the next few weeks. For comparison: The current price per ADA token is $0.433, which is still a long way from such a high price level.
Sssebi goes even further and reveals in another tweet that he believes Cardano will surpass the $3 mark in 2024. This is not only supported by the launch of the Chang upgrade, but also by a new partnership with Argentina and a whole series of new decentralized applications (dApps) being launched on the Cardano network.
Is Cardano ripe for a price explosion?
Despite these extremely bullish signs, Cardano has not been able to avoid a noticeable price correction in recent days. The ADA token has lost 5.55% in value in the last seven days, thus joining the bearish market sentiment that currently prevails in the crypto scene. Even if you look at the past month (see image below), things don’t really look any better, because although Cardano “only” recorded a loss of 3.97%, many of the major cryptocurrencies were able to receive strong inflows during this period. Many investors are currently hoping that the Chang upgrade will actually lead to greater acceptance in the crypto market and can push the price up noticeably.
There is no exact date for the release of the Chang upgrade yet. What is clear, however, is that the new technology will implement an advanced governance system that will, among other things, ensure even more efficient decentralization. At the same time, there will also be a treasury and annual budgets, which should have a strong impact on the attractiveness of the Cardano network.
