Cardano, currently the 10th largest cryptocurrency by market cap, is experiencing a notable price reversal, marking its fourth consecutive day of gains. Since rebounding from Monday’s lows of $0.33, ADA has steadily risen. If today closes in green, it will complete its fourth day of gains. As of now, ADA is up 4.02% in the last 24 hours, trading at $0.40. This performance outpaces the top 10 cryptocurrencies and has reached intraday highs of $0.402. Accompanying this price surge is a significant rise in 24-hour large transaction volume, now at 26.35 billion ADA, compared to 17.4 billion ADA on July 9. In monetary terms, large transactions amount to $10.04 billion.

_{ADA/USD Daily Chart, Source: TradingView}

Broader Market Influence

The ADA price rally coincides with the broader crypto market’s rise. This market movement follows a decline in monthly inflation in June, providing a potential boost for the Federal Reserve to decrease interest rates later this year. Additionally, expectations for the upcoming Chang upgrade are rising. Historically, Cardano’s prices trend upward before major upgrades.

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The Chang upgrade will introduce governance functionality in phases, simplifying adoption and onboarding for those assuming new or additional governance roles. It will be divided into two parts. Chang Upgrade 1 will deploy governance features to Cardano, initiating the technical bootstrapping phase as outlined in CIP-1694. Chang Upgrade 2 will remove CIP-1694 from this phase, enabling full on-chain governance functionality, such as DRep participation and governance actions.

Recent Developments

Earlier this week, Cardano released Node 9.0, marking a significant milestone toward the Chang hard fork activation. Following this release, they will prepare the parameters and the final genesis file, essential for Node 9.01.

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Subsequently, SPOs will need to upgrade again. Once critical mass indicators are met, specifically 70% of SPOs and 80% exchange liquidity, the Chang upgrade might activate. Cardano’s ADA is showing a strong price recovery, driven by significant transaction volumes and positive market trends. 

The upcoming Chang upgrade and recent technical developments further bolster investor confidence, setting the stage for potential continued growth.