Over the last 24 hours, the cryptocurrency market has continued to face plummeting value. Among them is Cardano, who has dropped significantly amid the market’s struggles, leading many traders to ponder if ADA has a chance of recapturing $1.50 and when.
The asset is set to face a major upgrade over the next 24 hours. Specifically, its Plomin hard fork will set the stage for a massive governance shift for the network. The question is, will that have a notable impact on ADA? Moreover, can it push the asset amid an overall industry downturn?
Tonight, Cardano evolves.
The Plomin hard fork takes effect, marking the transition to full decentralized governance. $Ada holders gain real voting power—on parameter changes, treasury withdrawals, hard forks, and the blockchain’s future.
A milestone in blockchain governance.— Cardano Foundation (@Cardano_CF) January 29, 2025
Also Read: Cardano (ADA) Predicted to Return to $2: Here’s When
Cardano Falls Below $1 Amid Market Downturn: Why Hope Is Not Lost for ADA
As the United States entered the second non-consecutive term for President Donald Trump, cryptocurrencies have taken center stage. Just last week, he said the country would emerge as the “world capital” of both AI and crypto, speaking at the World Economic Forum.
However, the asset class has struggled throughout this week. A shot of assets across the board have seen their value plummet. Chief among them is Cardano, who has struggled alongside the greater market, with hopes of returning to the $1.50 level fading with every passing hour.
Also Read: Cardano ADA Gets Big Bet From $50B Asset Manager Grayscale
Could that be on the verge of changing? The Cardano Foundation recently previewed the upcoming Plomin hard fork to arrive today. It will see the network operate under a fully decentralized governance model. This will allow ADA holders to have power over the Blcockahin’s decision in the near future.
Over the last 24 hours, Cardano has fallen more than 2%, according to CoinMarketCap. That only extends its most recent period of losses. The last seven days have seen ADA fall more than 7.6% to trade below the $1 mark. However, some experts believe there could be good things on the horizon.
Cryptocurrency price prediction platform CoinCodex has projected ADA to return to $1.50 before the month is through. Additionally, they expect a $2.24 monthly high to take place, marking a 143% increase from its current position. Whether it be the hard fork or a market turnaround, there ar analysts who expect a bullish move on the horizon for Cardano.