Cardano's Plomin Hard Fork: Decentralization Triumphs, ADA Price Eyes Breakout

The Cardano Foundation has confirmed that the Plomin hard fork has gone live, marking a significant shift towards full decentralized governance for the Cardano blockchain. This event, which took place on Wednesday, grants ADA holders direct voting power over key decisions related to the blockchain's future, including parameter changes, treasury withdrawals, hard forks, and other critical aspects.

The successful implementation of the hard fork required the approval of a 51% majority of Stake Pool Operators (SPOs), who had to upgrade their nodes to the new version. As of last week, nearly 80% of nodes had already transitioned to the new version, indicating a high level of support for the upgrade. This significant participation from SPOs demonstrates the community's commitment to the decentralization of the Cardano network.

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