Cardano (ADA) price is poised for a rally that could see the altcoin’s value soar following the upcoming Change hard fork.
This outcome is supported by both large wallet holders and retail investors, whose demand could generate billions of dollars in profits.
Cardano Investors See Green
Cardano’s price is potentially on the verge of exceptional growth before the network undergoes the Chang hard fork. This hard fork implements new on-chain governance features, allowing Cardano users to play a more direct role in network decision-making. Originally scheduled for late August, the hard fork has been delayed until September 1.
This has led to strong demand for ADA. About 4.32 billion ADA worth $1.57 billion is approaching profitability. The Global In/Out of the Money (GIOM) indicator shows that this supply was bought between $0.33 and $0.36. A breakout from the descending wedge could make this supply profitable.
Read more: How to Buy Cardano (ADA) and Everything You Need to Know
Moreover, whales have been focused on accumulating ADA rather than selling it over the past month, signaling confidence in the token’s future. Net flows have been mostly positive, indicating that large wallet holders expect the ADA price to rise.
Strong demand, whale accumulation, and positive net flows point to a potential bullish phase for ADA. These factors together point to a possible significant price increase, which, along with bullish development factors, could lead to a rally.
ADA Price Forecast: A Look to the Stars
The Chang hard fork could trigger a huge rally in Cardano price if it successfully breaks out of the bullish descending wedge. This pattern suggests a 45% gain, targeting $0.54 for the altcoin.
There is a possibility that the breakout could be delayed due to uncertainty in the market regarding the impact of the hard fork. This sets a delayed breakout target at $0.53. However, the bullish outlook will only be confirmed when ADA flips $0.42 into support and rises to $0.46.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
On the other hand, if the breakout of $0.42 fails, the altcoin will enter consolidation. Since $0.42 and $0.37 previously served as consolidation ranges, they may act as key levels again. This will negate the bullish thesis.
