- Cardano’s Plomin upgrade has cleared a major hurdle, with key votes passing, bringing the project closer to its mainnet hard fork scheduled for January 29, 2025.
- However, ADA’s price continues to face resistance at the $1 level, and its future price movement will depend on breaking this barrier and the broader market response to the upgrade.
Cardano (ADA) is one step closer to significant change with the successful clearing of a key hurdle for its Plomin upgrade. But the question remains—will this milestone propel ADA’s price to new heights?
Cardano’s Plomin Upgrade: A Step Forward
In a recent announcement, Intersect revealed that the Interim Constitutional Committee (ICC) Plomin votes have passed, with all members voting in favor, marking a 100% approval threshold. This milestone signals broad support from key entities within the Cardano community, suggesting that the proposed changes for the Plomin upgrade are gaining widespread confidence.
The next step in the journey for the Plomin mainnet hard fork involves meeting additional governance requirements, including the endorsement from stake pools (SPOs) and other vital stakeholders. For the upgrade to move forward, at least 51% of stake pools must approve the action, with the ICC also needing a 66.7% majority for ratification. Furthermore, 85% of stake pools by active stake must upgrade to the new version of the Cardano node to ensure the network’s smooth transition.
With the governance action expected to be ratified on January 24, 2025, the hard fork is anticipated to go live by January 29, 2025. This could mark a transformative moment for the Cardano ecosystem, but the big question remains: How will this affect ADA’s price?
ADA’s Price Struggles at the $1 Mark
While the Plomin upgrade is a significant technical advancement, ADA’s price is facing its own challenges. Currently, Cardano’s native token is testing a crucial resistance level around $1, a point where it has repeatedly struggled to break through. Despite buying interest in the past few days, ADA’s price has failed to maintain a sustainable position above this key level, as evidenced by several pullbacks each time it tests the $1 resistance.
Technical indicators, such as the 50-day Simple Moving Average (SMA), are signaling that ADA needs stronger momentum to break through this barrier. If ADA can push past the $1 mark, it could open the door for further price appreciation, with potential resistance levels at $1.10 and $1.20 in sight. On the other hand, a failure to breach the $1 resistance could lead to a consolidation phase or a retracement back to lower support levels near $0.90.
Will Plomin Fuel ADA’s Price Surge?
While the Plomin upgrade is undoubtedly an important technical development, the ultimate impact on ADA’s price remains uncertain. The path forward for Cardano’s token will depend on market sentiment, broader cryptocurrency trends, and how effectively the Cardano community can execute the necessary upgrades. If ADA can break through its current resistance, the Plomin hard fork could serve as the catalyst needed for a bullish run.
As the final steps towards the Plomin upgrade unfold, all eyes will be on ADA to see whether this pivotal moment will align with a surge in price. Only time will tell if Cardano’s technological advancements can translate into market gains.
