Cardano's Plomin Upgrade Clears Crucial Hurdle — Will ADA Price Follow?

In a significant development for Cardano (ADA), the Plomin hard fork has cleared a crucial hurdle. In a recent tweet, Intersect announced that the Interim Constitutional Committee (ICC) Plomin votes have all come in, with all members voting in the affirmative to mark a 100% threshold. This marks an important step forward for Cardano as it moves closer to implementing the Plomin upgrade.

The positive ICC votes signify broad consensus from key entities within the Cardano community, highlighting confidence in the proposed changes.

Currently, all the required thresholds for the Plomin mainnet hard fork governance action have been met, including SPO and ICC votes, as well as the SPO upgrade.

For the Plomin mainnet hard fork to set sail, at least 51% of stake pools must vote yes to the hard fork governance action; the interim constitutional committee must pass the hard fork governance action with a threshold of 66.7% or greater, which means five out of seven seats vote yes. Further, at least 85% of stake pools by active stake should have upgraded to a Cardano node version capable of processing the rules associated with the new protocol version.

As to what comes next, Intersect anticipates that the mainnet hard fork governance action may be ratified on the epoch boundary on Jan. 24, 2025. Once ratified, all governance actions are enacted on the epoch boundary.

If this is so, the Plomin mainnet hard fork governance action is expected to be enacted on Jan. 29, 2025.

Will ADA price follow? 

Cardano's (ADA) price is currently facing a short-term hurdle as it attempts to break past the $1 level. This barrier coincides with the daily Simple Moving Average (SMA) of 50, an important technical indicator that traders keenly watch.

In the last three days, ADA has repeatedly tested the $1 resistance but has been unable to sustainably breach it. Each attempt has seen the price pull back, indicating an immediate barrier at this level. This pattern suggests that while there is buying interest, it is not yet strong enough to overcome the hurdle posed by this key level.

A sustained move above the $1 level could pave the way for further gains, potentially targeting the next resistance levels at $1.10 and $1.20. Conversely, failure to breach this hurdle could see ADA consolidating or even retracing to lower support levels around $0.90. At the time of writing, ADA was up 4% in the last 24 hours to $1.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.