ADA has been doing really great recently. It has been one of the top gainers in the recent market rally. And now reports suggest that on March 22, Cardano pools received $1.4B in staking inflows. The TVL locked on ADA is on the rise, and it feels like the price of the cryptocurrency is about to take off soon. It has also recently tested the $1 resistance as well and is now trading at 96 cents.
Cardano staking rises
23 new staking pools were created for Cardano recently, and all the inflows that they received amounted to nearly $1.4 billion. The total staking is around 74%, with each pool having nearly 62 million ADA. This is great for the development of DeFi. If you have a lot of ADA in investment, then a good way to make a passive income of that is staking. You can also start your own pool, considering you have sufficient coins to stake and have an incentive pool to generate blocks as rewards.
TVL touches $300 million
The Total Value Locked in Cardano has touched $300 million recently, which shows that the DeFi ecosystem of the cryptocurrency continues to grow. In fact, around 33% of this $300 million has been added in the past week as we were at $200 million TVL on March 16. The higher the TVL goes, the better for the future of the crypto. It’s good to see ADA getting back on track.
ADA Price action
ADA is showing promising signs of recovery as the price has been nearing the $1 resistance. It is now at 96 cents after an initial rejection from that level, plus after Bitcoin has consolidated from the $43.5k level. On the daily charts, critical levels like the EMA 20, EMA 50, and MA 50 have been broken, and 94 cents have turned into support. ADA has also toppled Solana to become the 8th largest crypto at a $32 billion market cap and ios just behind Luna and is expected to cross it soon.
What are your thoughts as Cardano pools received $1.4B in staking inflows in just 12 hours? And do you think these are tell-tell signs of recovery? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Florida plans to allow businesses to pay taxes in crypto.
