Cardano Staking Addresses Surge 130% Boosting Network Engagement

Cardano has reached a significant milestone with over 1.3 million staking addresses, establishing itself as one of the most actively staked blockchain networks. This surge in staking addresses reflects a growing user base and heightened engagement within the Cardano ecosystem. Staking addresses are wallets that have locked up ADA tokens to earn rewards and bolster network security, and a consistent increase in these addresses typically indicates longer-term user commitment.

The rise in staking addresses follows Bitstamp's decision in late May to enable UK customers to stake ADA on its platform, broadening access to the staking process. Additionally, Cardano's developers have been actively enhancing the network. On June 6, they unveiled plans to improve the network's node structure, aiming for a more adaptable and reliable system. These upgrades include new reward models designed to support smaller stake pool operators and foster broader participation in the network.

The price of ADA, Cardano's native token, has been fluctuating but showed a 3.5% increase in the past 24 hours, trading at $0.6483 at the time of the update. Over the past week, ADA's price has ranged between $0.6184 and $0.7263. The recent price movements suggest that ADA is starting to show signs of recovery after finding support near $0.61. Currently, ADA is trading just below its 20-day moving average, which sits around $0.675. This level has acted as a resistance point over the past few weeks, and a clean break above it could pave the way for a retest of the recent high near $0.73.

Technical indicators also provide insights into ADA's price movements. The Bollinger Bands are starting to tighten, which often precedes a larger price move. The price is currently in the lower half of the band, suggesting potential upward movement if momentum picks up. The upper band is near $0.74, aligning with last week's peak. The relative strength index (RSI) stands at 42, indicating that ADA has not yet entered overbought territory and could rise further if buying pressure returns. The recent rebound in the RSI, which previously fell below 40, may signal a short-term change in momentum.

If ADA's price is rejected in the $0.675–$0.70 range, it may revert to the $0.62–$0.61 range. A break below this level would be more bearish and could lead to a deeper pullback. Conversely, if ADA breaks out above the current resistance levels, there may be short-term upside potential. However, the overall trend remains neutral, with the price movements dependent on market conditions and user engagement.