Cardano (ADA) Staking Activity Reaches New Heights
Cardano’s price has surged to $0.28, and on-chain data suggests that the increase in ADA staking is a major factor behind this rise. ADA staking has reached its highest level since June 2023, with a 0.8% increase in coins staked within the first week of October. Increased staking is positive for the coin’s price as it indicates improved network security and reduced market supply. With more coins locked up, ADA’s price could potentially surpass $0.30 if market sentiment becomes bullish.
Rising Network Demand for Cardano
The Cardano network has also experienced a surge in demand, with a significant increase in the number of new wallet addresses created. This influx of new users leads to fresh market demand for ADA and has pushed its price above the $0.25 resistance level. If staking activity remains high and more users join the network, ADA could reclaim $0.30.
Predicting ADA’s Price Potential
Based on on-chain data, Cardano appears poised to reach $0.30 during its next bull rally. The entry price distribution of wallets currently holding ADA supports this prediction, showing that if the initial resistance at $0.29 is overcome, the price could rally to $0.35. However, if staking and network demand weaken, it could slow down the bullish momentum. Bears could invalidate the bullish narrative if the price drops below $0.23, but there is a strong support buy-wall at $0.25.
Hot Take: Cardano’s Bright Future
Cardano’s ecosystem participants have been actively engaging with the network through increased staking and new wallet creations. This heightened activity suggests a positive outlook for ADA’s price, with the potential to reach $0.30 and even $0.35. However, market sentiment and ongoing developments will play a crucial role in determining the coin’s future trajectory.
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