Cardano staking addresses reach 1.3M — will ADA price follow?

Cardano has surpassed 1.3 million staking addresses, marking a major milestone in the network’s growth.

Following the rise, Cardano (ADA) is now one of the most actively staked blockchain networks, according to a June 16 update on X by Cardano trading platform TapTools. Staking addresses are wallets that have locked up ADA to earn rewards and contribute to network security. A consistent rise often indicates longer-term user engagement.

This rise follows Bitstamp’s May 28 decision to allow UK customers to stake ADA on its platform, making it easier for more people to join the process. Cardano’s developers have also been working on changes behind the scenes. 

To create a more adaptable and reliable system, on June 6, they unveiled plans to improve the network’s node structure. As part of the planned upgrades, the developers are looking at new reward models to support smaller stake pool operators and encourage broader participation.

ADA is trading at $0.6483 as of press time, up 3.5% in the past 24 hours. Over the past week, it has moved between $0.6184 and $0.7263. Trading volume has risen to over $419 million in the last 24 hours, up 30.6% in the last day. 

On the derivatives side, Coinglass data show that volume decreased slightly to $870.21 million, but open interest increased 3.28% to $778.49 million. This combination indicates that traders are increasing their positions while awaiting the next move in the price. 

Looking at the daily chart, Cardano is starting to show signs of recovery after finding support near $0.61. It’s now trading just below its 20-day moving average, which sits around $0.675. This line has acted as a resistance level over the past few weeks. A clean break above it could open the way for a retest of the recent high near $0.73.

The Bollinger Bands are starting to tighten slightly, which often comes before a larger price move. Currently, the price is sitting in the lower half of the band, suggesting some upward room if momentum picks up. The upper band is near $0.74, which lines up with last week’s top.

With the relative strength index at 42, ADA has not yet entered overbought territory and could rise even higher if buyers return. As the RSI previously fell below 40, the recent rebound may indicate a short-term change in momentum.

The price may revert to the $0.62–$0.61 range if it is rejected in the $0.675–$0.70 range. A break below that would be more bearish and could open the door to a deeper pullback. If ADA breaks out above the current resistance levels, there may be short-term upside potential, but for now, the trend is neutral.