Cardano (ADA) is facing challenges in gaining bullish momentum despite significant network developments, including the upcoming Voltaire upgrade and the Chang hard fork set to take place before the end of June.
The Voltaire upgrade is expected to transform the network by transitioning it from a Proof-of-Stake network to a fully decentralized governance model. Despite these advancements, ADA has struggled to surpass resistance levels in the last few months, failing to rally above $0.50 since mid-April. This lack of momentum is partly attributed to the overall bearish market conditions, with Bitcoin (BTC) failing to establish consistent bullish trends.
As of the latest update, ADA is trading at $0.4297 following a 1% increase in the past 24 hours. Although this surge has helped the altcoin recover some of its weekly losses, ADA investors are still down by 6.4%. This performance mirrors the broader market trend, heavily influenced by Bitcoin’s movements.
The recent underperformance has caused ADA to lose its top-ten ranking, dropping to the 11th position with a market cap of $15.1 billion. TONcoin (TON) has surpassed ADA, currently holding a market cap of $18.3 billion.
Despite the setbacks, investors remain hopeful about the network’s future, sparking a bullish breakout as Cardano prepares for the Voltaire upgrade. The upcoming Chang hard fork, expected later this month, will mark a significant milestone in Cardano’s journey towards full decentralization.
Founder Charles Hoskinson anticipates the completion of the Chang fork by June, signaling the transition into the “Age of Voltaire.” This shift will introduce new features like treasury management, governance, and decentralized voting, empowering the ADA community to govern the network independently.
Investors are optimistic about the potential price rally following these upgrades, although confidence remains subdued. The long-term outlook for Cardano remains positive, driven by network growth, user adoption, and a strong community backing the project.
As Cardano prepares for the upcoming updates, market sentiment is crucial. A positive shift in momentum is necessary to propel ADA above key resistance levels, potentially breaking through $0.5 for the first time in months.
In the grand scheme, Cardano’s future success seems promising, supported by its growing ecosystem and dedicated community. For more information on Cardano, explore our recommended resources on buying, storing, and tracking ADA prices.