Cardano Founder Unveils Major Upgrade: Can ADA Hit $3.10?

Vignesh Karunanidhi
Cardano (ADA) Weekend Price Prediction
Source: Crypto News

Cardano co-founder Charles Hoskinson remains confident in the network’s future. In one of his recent tweets, he mentioned upcoming major upgrades and the Cardano community’s strength.

In an April 7 tweet on X, Hoskinson stated, “We are holding all the cards as an ecosystem. We have the best path for scalability, governance, and innovation. We also have the best community.” His optimism is fueled by two significant upgrades on the horizon, with at least one slated for release this year.

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Cardano Chang Hard Fork

One of the most anticipated upgrades for the Cardano network is the Chang hard fork. It is likely to be one of the most significant hard forks since the 2022 Vasil upgrade. Scheduled for the second quarter of this year, Chang is the first hard fork of the Voltaire era of Cardano’s roadmap, aiming to introduce the concept of community-run governance to the blockchain.

The Chang upgrade will enable on-chain community consensus and allow ADA holders to use their tokens to vote on proposals, marking a crucial step towards the network becoming fully decentralized. Hoskinson highlighted the advancements on SanchoNet, the testnet for the upcoming hard fork, signaling the imminent arrival of the upgrade.

Throughout the rest of the year, the transition will introduce Delegate Representatives (DReps), involve a Cardano Constitution Convention event, and a Cardano community vote to ratify the first draft of the Cardano Constitution.

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Ouroboros Leios

Hoskinson also highlights the significant development of Ouroboros Leios, a new version of the proof-of-stake consensus model that addresses the blockchain trilemma. This upgrade aims to increase throughput, scalability, and transaction speed for Cardano while maintaining the current level of decentralization.

Hoskinson described Ouroboros Leios as “the biggest step forward towards solving the blockchain trilemma ever,” emphasizing the significance of this upgrade for the future of the Cardano network.

ADA Price Prediction and All-Time High

Cardano’s native token, ADA, reached an all-time high of $3.10 on September 2, 2021. Since then, the token has experienced a significant decline, currently trading at around 81.13% below its peak. However, analysts at Changelly predict that ADA could hit the $3.10 mark once again in February 2028.

Source: Changelly

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According to the technical analysis of Cardano prices expected in 2024, analysts expect the minimum price of ADA to be $0.458, with a maximum level of $0.561. They also predicted the average price to be around $0.663.

As Cardano prepares for major upgrades like the Chang hard fork and Ouroboros Leios, the network’s co-founder, Charles Hoskinson, remains optimistic about its future, despite recent criticism and market sentiment. However, it remains to be seen whether ADA can hit its previous all-time high following the upgrade.