diff --git a/.github/workflows/operator-test.yaml b/.github/workflows/operator-test.yaml
index 6a284f542..1915109f3 100644
--- a/.github/workflows/operator-test.yaml
+++ b/.github/workflows/operator-test.yaml
@@ -45,22 +45,8 @@ jobs:
           appVersion=$(cat ./charts/opentelemetry-operator/Chart.yaml | sed -nr 's/appVersion: ([0-9]+\.[0-9]+\.[0-9]+)/\1/p')
           git clone -b v"$appVersion" --single-branch https://github.com/open-telemetry/opentelemetry-operator.git ./opentelemetry-operator
 
-      - name: Use public target-allocator image in tests
-        run: |
-          appVersion=$(cat ./charts/opentelemetry-operator/Chart.yaml | sed -nr 's/appVersion: ([0-9]+\.[0-9]+\.[0-9]+)/\1/p')
-          LOCAL_TARGET_ALLOCATOR_IMG="local\/opentelemetry-operator-targetallocator:e2e"
-          PUBLIC_TARGET_ALLOCATOR_IMG="ghcr.io\/open-telemetry\/opentelemetry-operator\/target-allocator:$appVersion"
-
-          sed -i "s/$LOCAL_TARGET_ALLOCATOR_IMG/${PUBLIC_TARGET_ALLOCATOR_IMG}/g" ./opentelemetry-operator/tests/e2e/smoke-targetallocator/*.yaml
-          sed -i "s/$LOCAL_TARGET_ALLOCATOR_IMG/${PUBLIC_TARGET_ALLOCATOR_IMG}/g" ./opentelemetry-operator/tests/e2e/targetallocator-features/00-install.yaml
-          sed -i "s/$LOCAL_TARGET_ALLOCATOR_IMG/${PUBLIC_TARGET_ALLOCATOR_IMG}/g" ./opentelemetry-operator/tests/e2e/prometheus-config-validation/*.yaml
-          sed -i "s/$LOCAL_TARGET_ALLOCATOR_IMG/${PUBLIC_TARGET_ALLOCATOR_IMG}/g" ./opentelemetry-operator/tests/e2e/targetallocator-prometheuscr/00-install.yaml
-
-      - name: Install kuttl
-        run: |
-          sudo curl -Lo /usr/local/bin/kubectl-kuttl https://github.com/kudobuilder/kuttl/releases/download/v0.12.1/kubectl-kuttl_0.12.1_linux_x86_64
-          sudo chmod +x /usr/local/bin/kubectl-kuttl
-          export PATH=$PATH:/usr/local/bin
+      - name: Install chainsaw
+        uses: kyverno/action-install-chainsaw@v0.1.6
 
       - name: Install metrics-server
         run: |
@@ -75,4 +61,4 @@ jobs:
 
       - name: Run e2e tests
         working-directory: ./opentelemetry-operator
-        run:  kubectl kuttl test ./tests/e2e --config ../charts/opentelemetry-operator/kuttl-test.yaml --crd-dir ../charts/opentelemetry-operator/crds
+        run:  chainsaw test --test-dir ./tests/e2e
diff --git a/charts/opentelemetry-operator/CONTRIBUTING.md b/charts/opentelemetry-operator/CONTRIBUTING.md
index b84ea2a3b..85441d5dc 100644
--- a/charts/opentelemetry-operator/CONTRIBUTING.md
+++ b/charts/opentelemetry-operator/CONTRIBUTING.md
@@ -3,9 +3,8 @@
 ## Bumping Default Operator Version
 
 1. Increase the minor version of the chart by one and set the patch version to zero.
-2. Update the chart's `appVersion` to match the new operator version.
-3. In the values.yaml, update `manager.image.tag` to match the new operator release.
-4. In the values.yaml, update `manager.collectorImage.tag` to match the version of the collector managed by default by the operator.
-5. Run `make generate-examples CHARTS=opentelemetry-operator`.
-6. Run `make update-operator-crds` to update the CRDs in this chart to match the operator's.
-7. Review the [Operator release notes](https://github.com/open-telemetry/opentelemetry-operator/releases).  If any changes affect the helm chart, adjust the helm chart accordingly.
+1. Update the chart's `appVersion` to match the new operator version.
+1. In the values.yaml, update `manager.collectorImage.tag` to match the version of the collector managed by default by the operator.
+1. Run `make generate-examples CHARTS=opentelemetry-operator`.
+1. Run `make update-operator-crds` to update the CRDs in this chart to match the operator's.
+1. Review the [Operator release notes](https://github.com/open-telemetry/opentelemetry-operator/releases).  If any changes affect the helm chart, adjust the helm chart accordingly.
diff --git a/charts/opentelemetry-operator/Chart.yaml b/charts/opentelemetry-operator/Chart.yaml
index ea763e737..8bf38b4fd 100644
--- a/charts/opentelemetry-operator/Chart.yaml
+++ b/charts/opentelemetry-operator/Chart.yaml
@@ -1,6 +1,6 @@
 apiVersion: v2
 name: opentelemetry-operator
-version: 0.47.1
+version: 0.48.0
 description: OpenTelemetry Operator Helm chart for Kubernetes
 type: application
 home: https://opentelemetry.io/
@@ -11,4 +11,4 @@ maintainers:
   - name: dmitryax
   - name: TylerHelmuth
 icon: https://raw.githubusercontent.com/cncf/artwork/a718fa97fffec1b9fd14147682e9e3ac0c8817cb/projects/opentelemetry/icon/color/opentelemetry-icon-color.png
-appVersion: 0.93.0
+appVersion: 0.94.0
diff --git a/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml b/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml
index 40cc76ab3..5ed95c614 100644
--- a/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml
+++ b/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml
@@ -5064,11 +5064,12 @@ spec:
                     default: consistent-hashing
                     description: AllocationStrategy determines which strategy the
                       target allocator should use for allocation. The current options
-                      are least-weighted and consistent-hashing. The default option
-                      is consistent-hashing
+                      are least-weighted, consistent-hashing and per-node. The default
+                      is consistent-hashing.
                     enum:
                     - least-weighted
                     - consistent-hashing
+                    - per-node
                     type: string
                   enabled:
                     description: Enabled indicates whether to use a target allocation
diff --git a/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml b/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml
index 092a9ff49..3504ca1c0 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml
@@ -6,9 +6,9 @@ metadata:
   annotations:
     cert-manager.io/inject-ca-from: default/example-opentelemetry-operator-serving-cert
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
@@ -91,9 +91,9 @@ metadata:
   annotations:
     cert-manager.io/inject-ca-from: default/example-opentelemetry-operator-serving-cert
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
diff --git a/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml b/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml
index bdfc887c9..032b29af4 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml
@@ -4,9 +4,9 @@ apiVersion: cert-manager.io/v1
 kind: Certificate
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
@@ -29,9 +29,9 @@ apiVersion: cert-manager.io/v1
 kind: Issuer
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
diff --git a/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml b/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml
index 26b058c4c..78d4cc97e 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRole
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -253,9 +253,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRole
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -271,9 +271,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRole
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml b/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml
index e9bd0fec7..c512eda25 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRoleBinding
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -25,9 +25,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRoleBinding
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml b/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml
index 9396936a8..a9fb4b190 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml
@@ -4,9 +4,9 @@ apiVersion: apps/v1
 kind: Deployment
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -33,13 +33,13 @@ spec:
             - --enable-leader-election
             - --health-probe-addr=:8081
             - --webhook-port=9443
-            - --collector-image=otel/opentelemetry-collector-contrib:0.93.0
+            - --collector-image=otel/opentelemetry-collector-contrib:0.94.0
           command:
             - /manager
           env:
             - name: ENABLE_WEBHOOKS
               value: "true"
-          image: "ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:0.93.0"
+          image: "ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:0.94.0"
           name: manager
           ports:
             - containerPort: 8080
diff --git a/charts/opentelemetry-operator/examples/default/rendered/role.yaml b/charts/opentelemetry-operator/examples/default/rendered/role.yaml
index 78669dfc8..35ee4ffc8 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/role.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/role.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: Role
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml b/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml
index 77dfa0a52..20afa0522 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: RoleBinding
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/service.yaml b/charts/opentelemetry-operator/examples/default/rendered/service.yaml
index f427f3402..bd00b7dda 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/service.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/service.yaml
@@ -4,9 +4,9 @@ apiVersion: v1
 kind: Service
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -31,9 +31,9 @@ apiVersion: v1
 kind: Service
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml b/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml
index 97d93f9cd..5d577fcb5 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml
@@ -6,9 +6,9 @@ metadata:
   name: opentelemetry-operator
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml b/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml
index 8d90098c0..caeb3a333 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml
@@ -6,9 +6,9 @@ metadata:
   name: "example-opentelemetry-operator-cert-manager"
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
diff --git a/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml b/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml
index f273f66a8..fe4f0bc47 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml
@@ -6,9 +6,9 @@ metadata:
   name: "example-opentelemetry-operator-metrics"
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -43,9 +43,9 @@ metadata:
   name: "example-opentelemetry-operator-webhook"
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.47.1
+    helm.sh/chart: opentelemetry-operator-0.48.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.93.0"
+    app.kubernetes.io/version: "0.94.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/kuttl-test.yaml b/charts/opentelemetry-operator/kuttl-test.yaml
deleted file mode 100644
index df96ed77f..000000000
--- a/charts/opentelemetry-operator/kuttl-test.yaml
+++ /dev/null
@@ -1,4 +0,0 @@
-apiVersion: kuttl.dev/v1beta1
-kind: TestSuite
-crdDir: ./charts/opentelemetry-operator/crds
-timeout: 150
diff --git a/charts/opentelemetry-operator/values.yaml b/charts/opentelemetry-operator/values.yaml
index 27971d29b..3ee173d08 100644
--- a/charts/opentelemetry-operator/values.yaml
+++ b/charts/opentelemetry-operator/values.yaml
@@ -32,7 +32,7 @@ manager:
     tag: ""
   collectorImage:
     repository: otel/opentelemetry-collector-contrib
-    tag: 0.93.0
+    tag: 0.94.0
   opampBridgeImage:
     repository: ""
     tag: ""