Cardano's Plomin Hard Fork: ADA Holders Gain Voting Power, Price Breakout Imminent

Cardano's Plomin Hard Fork Enables Enhanced Governance and Potential Price Rally for ADA Holders

Cardano (ADA-USD) has taken a significant step towards full decentralized governance with the successful implementation of the Plomin hard fork. The upgrade, which went live on Wednesday, grants ADA holders direct voting power over key blockchain decisions, as announced by the Cardano Foundation. This includes the ability to vote on parameter changes, treasury withdrawals, hard forks, and the blockchain's future.

The hard fork's success relied on Stake Pool Operators (SPOs) upgrading their nodes and approving the upgrade with a 51% majority. As of last week, nearly 80% of nodes had already transitioned to the new version, indicating strong support for the upgrade, according to Emurgo, a key voting member of Cardano's Interim Constitutional Committee (ICC).

Despite the major upgrade, ADA's price has remained sluggish, falling over 7.9% over the past few days to hover around $0.91. However, analysts point to a symmetrical triangle pattern that could push ADA towards a $1.90 breakout, up 108% from current levels. The 50-day small moving average (SMA) remains a key resistance point at $0.962, making the next few days crucial for ADA's price action.