Cardano: Kraken Launches ADA Staking, $2 Next Price Target?

Cardano’s (ADA) price has awakened. With a 14.4% rally in the daily chart, after consolidation around the $1.30 to $1.40, ADA has reached a new all-time high and seems poised to keep smashing future resistance.

ADA with bullish momentum in the daily chart. Source: ADAUSDT Tradingview

Yesterday, Exchange platform Kraken launched staking for ADA with up to 4% and 6% rewards for those users that help secure Cardano’s network.

To earn the rewards, users need to deposit funds in their spot wallet. There is a minimum of 1 ADA for Kraken deposit with no additional fees. Later, move the funds to Kraken’s staking wallet and click on ADA to start staking it.

Users will receive staking rewards every week if they have a Pro, Intermediate, or Starter account. To withdraw their rewards, there is a minimum of 2 ADA.

Cardano’s Alonzo Era Approaches With More Upside Potential

Anonymous trader EljaBoom believes ADA has begun a breakout on major resistance zones. If ADA can break and hold about $1.55, the trader expects the next price target to be around $2.3. EljaBoom added the following:

Once it flips this spot I’m expecting #ADA to test +$2.3 zone! Alonzo Testnet & Adapay release is coming. If you own ADA you know the potential it has.

Source: Trader EljaBoom

There has been a lot of announcements, partnerships, and hype in Cardano’s ecosystem. ADA is barely reacting to a price action that has been in the oven for the past weeks. In the coming months, Cardano’s deployment of its DeFi capabilities could continue to push the price into uncharted territory, as EljBoom and many other investors expect.

In the meantime, Cardano has been begun his massive adoption phase in Africa closing deals with Ethiopia and other governments in the region. Around 5 million students will use the Atala PRISM solution to gain access to customized education, have their academic records always available and protected in the blockchain, and more.

In time, the local government will use this integration to track resources and allocate them with higher efficiency. Charles Hoskinson, Cardano’s Inventor and Input-Output Global CEO, said the following on the platform’s potential for the coming years their roadmap:

And throughout the coming 24 to 36 months we are going to be scaling up very rapidly throughout the whole continent.

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