Cardano (ADA), currently ranked 10th by market cap, is poised to close its fourth consecutive day of gains after bouncing back from recent lows of $0.33.
ADA has risen by 4.02% in the past 24 hours to $0.40, surpassing other top 10 cryptocurrencies. It peaked at intraday highs of $0.402.
The surge is accompanied by a notable increase in 24-hour large transactions, totaling 26.35 billion ADA, valued at $10.04 billion, according to IntoTheBlock.
The rally coincides with broader market recovery fueled by reduced monthly inflation in June, potentially paving the way for the Federal Reserve to consider interest rate cuts later this year.
Investor Optimism Surges Ahead of Cardano's Chang Upgrade: Key Milestones and Technical Preparations
Investor optimism is also buoyed by expectations surrounding the upcoming Chang upgrade for Cardano, historically boosting prices ahead of major updates.
The Chang upgrade will roll out governance functionalities in two phases: Chang Upgrade 1 initiates governance features and technical preparations, while Chang Upgrade 2 enables full on-chain governance capabilities.
Node 9.0's release earlier this week marks a crucial step towards implementing the Chang hard fork. Preparation of parameters and the final genesis file is underway, with subsequent upgrades expected among Stake Pool Operators (SPOs).
Activation of Chang hinges on achieving critical mass indicators, including 70% SPO participation and 80% exchange liquidity.
ADA's recent surge underscores its resilience amidst market fluctuations, bolstered by positive sentiment ahead of the Chang upgrade and improving market conditions.
However, ongoing volatility and dependency on market conditions pose risks despite current optimism.