Cardano's Plomin Hard Fork: Decentralized Governance Unleashed

Cardano's Plomin hard fork has set the stage for full decentralized governance, marking a significant shift in the blockchain's decision-making process. The hard fork, which went live on Wednesday, grants ADA holders direct voting power over key blockchain decisions, including parameter changes, treasury withdrawals, hard forks, and the blockchain's future. This transition is a major milestone for Cardano, as it moves towards a more community-driven governance model.

To ensure the success of the hard fork, Stake Pool Operators (SPOs) had to upgrade their nodes and approve 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. This high level of adoption is a testament to the Cardano community's commitment to decentralization and self-governance.

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 have identified a symmetrical triangle pattern that could push ADA towards a $1.90 breakout, representing a 108% increase 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.