At press time, over $30 billion worth of Cardano (ADA) has gotten staked to the network ahead of the milestone transition in the network. With this, one could predict that the network is in the process of laying the groundwork for broader network adoption and more price appreciation for the cryptocurrency.
Cardano staking allows users to earn passive income in ADA without the usual hassle of locking up one’s assets for a certain period, as is prevalent with other staking platforms.
According to PoolTool, a Cardano-based staking statistics platform, a whopping 71.7% of the total circulating supply of ADA (worth roughly $31 billion) has gotten staked across 2,665 active pools.
This amount of staked coins has earned Cardano the number one spot in terms of staked value. Ethereum holds the second spot with a distant $12.2 billion in staked value. Other runner-ups in the top five listings include Solana, Polkadot, and Aldorand.
That said, investors are increasingly bullish on ADA as they anticipate full Smart Contract implementation later this year. This upgrade should put Cardano in competition with crypto giants like Ethereum, Solana, and Chainlink.
Input-Output Hong Kong (IOHK), the host company of Cardano, launched the Alonzo test net in May, which opened the network up for the highly lucrative Smart Contract compatibility. This feature should get fully unlocked with Cardano’s mainnet launch in August.
Key Cardano Levels to Watch — July 2
As the broader market adopts a bearish bias, Cardano has entered consolidation mode between $1.4000 and $1.3000. However, the fifth-largest cryptocurrency is simultaneously trading within a bullish wedge.
That said, we expect a resumption of a bullish momentum over the coming hours as we enter the weekend. The immediate bullish target is the $1.4000 critical resistance. However, a break below the $1.3000 support could foment a correction to the $1.2000 level.
Meanwhile, our resistance levels are $1.4000, $1.4450, and $1.5000, and our support levels are $1.3000, $1.2000, and $1.1000.
Total Market Capitalization: $1.33 trillion
Cardano Market Capitalization: $41.6 billion
Cardano Dominance: 3%
Market Rank: #5
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