The Cardano Chang Hard ForkAlthough not on track to decline, the most bullish development for the ADA price at the moment remains. The completion of the hard fork is expected to trigger an ADA price rally that could send it to its previous all-time high of $3.1. However, the question remains whether the expected rally will be as large as the 2021 rally that followed the Alonzo Hard Fork.
The Legendary Cardano Rally of 2021
In 2021, the Cardano Alonzo Hard Fork was one of the most significant events in the crypto market, with expectations that smart contracts and decentralized finance (DeFi) capabilities would finally debut on the network. This expectation caused the price to rise as a result.
In the months leading up to the hard fork, Cardano price dropped from a low of $0.2 to over $3.1. By the time the Alonzo Hard Fork completed in September 2021, ADA price had already completed a run of over 1,400%, outperforming Bitcoin and Ethereum at the height of the crypto bull market.
The 2021 run highlights the bullishness surrounding all the hard forks on the network and how this could contribute to price growth. Similar bullishness could follow the ADA price with the expectation of the Cardano Chang Hark Forkbut what happens when the economy picks up again like it did in 2021?
Can ADA Price Reflect 2021 Rally?
The Cardano Chang Hark Fork it was expected that this would happen sometime in the second quarter, according to Founder Charles Hoskinson. However, Q2 has come and gone with the end of June and the hard fork has yet to be completed. This gives more time for market momentum to build before the actual upgrade.
Now, back to the ADA price, expectations are already high that it would push the ADA price towards the coveted $1 level. But looking at the rally in 2021, a similar rally could push the price higher than the expected $1 price tag.
A 1,400% rally from the current price would take ADA price to the channel’s high of $5.7. This would also mean Cardano price would hit a new all-time high this year, if it plays out similarly to the 2021 hard fork.
At the time of writing, Cardano’s price remains at $0.41, up 4% in the past 24 hours.
Main image created with Dall.E, chart from Tradingview.com