Home Altcoins News Cardano (ADA) Price Surge Explained: Insights into Network Growth and Upcoming Chang Hard Fork

Cardano (ADA) Price Surge Explained: Insights into Network Growth and Upcoming Chang Hard Fork


Cardano’s ADA has recently shown a notable uptick in price, bucking the broader market trend. This analysis delves into the factors behind ADA’s recent price surge, highlighting key developments within the Cardano ecosystem and the anticipated impact of the upcoming Chang hard fork.

Understanding ADA’s Recent Price Movement

Cardano’s ADA has risen by 2% in the last 24 hours, trading at $0.3725 as of July 8, 2024. This price increase marks a recovery from recent losses and stands out amidst a generally bearish sentiment across the cryptocurrency market. While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen slight declines, ADA’s resilience suggests specific catalysts are at play.

Bullish Catalysts Driving ADA’s Price Surge

  1. Charles Hoskinson’s Update on Chang Hard Fork: The primary catalyst behind ADA’s recent price surge is the announcement by Cardano founder Charles Hoskinson regarding the progress of the Chang hard fork. In a recent Ask Me Anything (AMA) session, Hoskinson revealed that node 9.0, pivotal for the Chang hard fork, is nearing completion. This upgrade is expected to mark a significant milestone for Cardano, moving it closer to achieving a fully decentralized blockchain ecosystem under its Voltaire era roadmap.

    Hoskinson emphasized the completion of all elements of CIP 1694, a crucial aspect of Cardano’s architecture that has been in development for approximately two years. The upcoming Chang hard fork aims to enhance network capabilities and governance structures, potentially paving the way for broader adoption and utility of ADA within the cryptocurrency ecosystem.

  2. Historical Performance and Market Expectations: Previous major upgrades in Cardano’s history have historically preceded significant price rallies. For instance, leading up to its last major upgrade in 2021, ADA’s price surged by 130%, from $1.35 to $3.10, within a month. This historical precedent has fueled optimism among investors and analysts, suggesting that the impending Chang hard fork could catalyze another substantial price rally for ADA.

    Market analysts and enthusiasts alike have drawn parallels between past performance and current market conditions, anticipating positive momentum for ADA as the ecosystem prepares for transformative upgrades.

  3. Cardano Network Growth: Concurrently, ADA’s price surge aligns with notable growth in the Cardano network’s user base and transactional activity. According to data from Into The Block, the number of active addresses on the Cardano blockchain has increased significantly over the past month. Additionally, the number of new addresses and the accumulation of ADA by medium to large holders indicate growing confidence and engagement within the Cardano community.

    The influx of new participants and increased transaction volumes underscore Cardano’s expanding footprint in the cryptocurrency space, positioning ADA as a key player in decentralized finance (DeFi) and digital asset markets.

  4. Investor Confidence and Market Flows: ADA’s recent price strength is further supported by robust investor confidence and capital inflows into Cardano-focused funds. Reports from Coin Shares indicate that Cardano funds received $100 million in the week ending July 5, 2024, contributing to significant year-to-date inflows. This influx of institutional and retail capital reflects growing interest in ADA’s long-term potential and underscores market participants’ bullish outlook on the cryptocurrency.

Technical Analysis and Market Sentiment

ADA’s price chart shows a bullish divergence between its price action and the Relative Strength Index (RSI), a technical indicator used to gauge momentum in financial markets. Despite recent price fluctuations, ADA’s RSI has formed higher lows, indicating underlying strength and potential resilience in its upward trend. This divergence often signals buying opportunities for traders, particularly during temporary market corrections.


Cardano’s ADA has emerged as a standout performer in the cryptocurrency market, driven by fundamental developments such as network growth and anticipation surrounding the Chang hard fork. As the ecosystem evolves and prepares for transformative upgrades, ADA investors and stakeholders are closely monitoring these developments for potential opportunities and risks.

The upcoming Chang hard fork represents a pivotal moment for Cardano, aiming to enhance scalability, governance, and overall network efficiency. The outcome of this upgrade could significantly influence ADA’s market trajectory and solidify its position within the broader digital asset landscape.

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Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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