On July 26, 2020, Cardano’s ADA prices set a fresh 2020 high, with the sharp surge coming shortly after the Shelley mainnet transition process was launched.
Yesterday, ADA’s parent company IOHK initiated the Shelley hard fork process, which will take place over the next five days and go live on July 29.
Although the dev team does have until Monday to abort the process if any unexpected problems are encountered, ADA investors are taking this step as a “buy the news” opportunity.
Indeed, the ADA community and traders in the crypto sphere investors were pleased to see that the final step towards transitioning from Byron to Shelley was completed, and the sixth crypto on CoinMarketCap has been surging in the time since.
At the time of writing, ADA is trading up 17.72% at its current price of $0.1446. This marks a remarkable rise from its recent low $0.115 that was set earlier this week.
Today’s price surge prompted crypto analyst BigCheds to suggest on Twitter that the latest upswing allowed ADA to break out of a crucial bull pennant.
Moving Towards the Shelly Era
Although ADA is now pushing up against some substantial resistance, the technical significance of this latest development on Shelley does indicate that further upside could be imminent.
In that regard, ADA founder and CEO Charles Hoskinson took to YouTube to inform the community that the project had begun the countdown to hard fork Cardano from Byron to Shelley.
Hoskinson added that during the weekend, the project engineers and dev team would be conducting a comprehensive inspection of the upgrade. Should no major issue pop-up, the update will be endorsed, and the Shelly hard fork finalized on July 29 without any interruption.
Similarly, fundamental data metrics point to ADA’s latest surge being the commencement of a much higher price movement.
As seen in the “social volume” indicator below from the analytics platform Santiment, Cardano’s latest price rise has not yet reached “frenzy” territory.
This indicates that the cryptocurrency still has room to generate more hype in coming days, signalling that ADA may be able to push higher in the near-term.
ADA Could Be the Best Rallying Altcoin in the Market Right Now
Tim Harrison, Director of Marketing and Communications at IOHK, explained that the last few days saw the completion of final steps toward a successful shelly fork that involved latest updates to the Shelly node and ADA wallet software.
CEO Hoskinson now believes that a successful Shelly launch on Wednesday could be a turning point for ADA. He stated:
“From here on out, Cardano is the best cryptocurrency on the market when we think about it compared to bitcoin. And as soon as we get native assets and smart contracts, we’re the best cryptocurrency, bar none.”