Amount of ADA staked rises to 3-month high: will this help Cardano price return to $0.40/.
This week, Cardano's price is back close to $0.30. The readings of key on-chain metrics will help predict the potential dynamics of ADA.
The Cardano blockchain's native token is off to an impressive start to October, with ADA staking at its second-half high. Let's figure out what to expect from the asset price in the coming weeks.
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Staking activity on the Cardano network is gaining momentum
On October 2, Cardano price reached a 30-day high of $0.28. On-chain data suggests that the main driver of the growth was a significant increase in the number of ADA locked in smart contracts.
The graph below shows that between September 27 and October 5 the rate increased from 62.74% to 63.5%. It is possible that ecosystem participants have responded positively to the Cardano team's increased network development efforts in recent weeks.