The Cardano Chang Hard Fork, although having not dropped on scheduled, continues to be the most bullish development for the ADA price currently. Expectations are that the completion of the hard fork will bring about an ADA price rally that could send it toward its previous all-time high of $3.1. However, the question remains of whether the expected rally will be as momentous as the 2021 rally that followed the Alonzo Hard Fork.
The Legendary 2021 Cardano Rally
In 2021, the Cardano Alonzo Hard Fork was one of the most important events in the crypto market, with the expectation of smart contracts and decentralized finance (DeFi) capabilities finally debuting on the network. This expectation caused the price to surge as a result.
In the months leading up to the hard fork, the Cardano price would go from a low $0.2 to over $3.1. By the time the Alonzo Hard Fork was completed in September 2021, the ADA price had already completed an over 1,400% run, outperforming the likes of Bitcoin and Ethereum in the height of the crypto bull market.
The 2021 run highlights the bullishness that surrounds all hard forks on the network and how it can contribute to the price increase. A similar bullishness could follow the ADA price with the expectation of the Cardano Chang Hark Fork, but what happens if it rallies like it did in 2021?
Can ADA Price Mirror The 2021 Rally?
The Cardano Chang Hark Fork was expected to happen sometime in Q2, according to founder Charles Hoskinson. However, Q2 has come and gone with the end of June and the hard fork is yet to be completed. This gives more time for market momentum to build up ahead of the actually upgrade.
Now, circling back to the ADA price, expectations are already high that it would push the ADA price to the coveted $1 level. But looking at the rally in 2021, a similar rally could see the price surge higher than the expected $1 price tag.
A 1,400% rally from its current price would put the ADA price as high as $5.7 at the very top of the channel. This would also mean that the Cardano price would reach a new all-time high this year, if it were to play out similarly to the 2021 hard fork.
At the time of writing, Cardano continues to trend at $0.41, with a 4% increase in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
