Cardano (ADA) has struggled to rise above the psychological $0.50 level, underperforming in the recent bull market. The ongoing market downturn has worsened ADA’s position, threatening to push it below $0.40. Despite ADA’s continuous decline from the $1 mark, there remains optimism about its prospects for the remainder of the year. Sebastian, a notable analyst, recently expressed confidence that ADA could reach $3 this year.
Reaching $3, Cardano’s all-time high last seen during the height of the 2021 bull run, would require a 600% increase from its current price of $0.4322. This is a challenging feat, given that Cardano has not experienced such a rally during the current bull market. However, the analyst bases his ambitious outlook on four upcoming developments within the Cardano ecosystem.
Cardano Argentina Partnerships
Leading this list is Cardano’s recent collaborations with multiple public administrative entities in Argentina. On June 5, the Cardano Foundation partnered with Entre Ríos, formalized by Governor Rogelio Frigerio and Cardano’s business development officer Rafael Fraga. This partnership aims to integrate blockchain technology into public administration, driving digital transformation.
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Two days later, J.J. Siler, the Chief of Staff of IOG, signed a memorandum of understanding with the University of Buenos Aires. The aim is to host a constitutional convention exploring blockchain applications via Cardano. These partnerships are expected to enhance Cardano’s adoption in Argentina by demonstrating its practical applications in public administration.
Chang Hard Fork
The upcoming Chang Hard Fork is another crucial factor. Currently, Cardano is in the Basho era, which introduced Hydra. The next era, the Voltaire era, focuses on complete decentralization through community governance, where ADA holders can influence the network’s future.
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The Chang Hard Fork is the first significant step in this era. Additionally, the analyst highlighted the launch of new dApps on Cardano and the anticipated unlocking of 1.5 billion ADA tokens from the treasury. The team will invest these tokens in ecosystem growth and adoption, which are vital factors supporting Cardano’s potential journey to $3 this year. Sebastian identifies four key developments that could drive ADA up by 600% to $3 this year.
These include Cardano’s recent collaborations in Argentina, the upcoming Chang Hard Fork, the launch of new dApps, and the unlocking of 1.5 billion ADA tokens. Together, these factors present a promising outlook for Cardano despite its recent struggles.
