ADA Crypto Staking Free Falls Even After Vasil Upgrade

Crypto Staking is down

Finbold reports that DeFi Llama data shows Cardano's TVL hit less than $80 million for the first time since January 2022.

Cardano's TVL is currently at US$76.66 million, down 76.49 percent from the peak value of US$326 million reached on March 24, 2022. The declining TVL has brought the value of ADA crypto staking back to its January 2022 level.Cardano is ranked 27th by TVL measure, behind Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalance (AVAX) and Tron (TRX).

Ethereum (ETH) has a TVL value of US$32 billion and is in first place.However, a recent study by the Basel Committee on Banking Supervision (BCBS) Bank for International Settlements (BIS) found Cardano to be among the ten most popular crypto assets according to banks that invest in crypto assets.

Additionally, ADA's daily social media activity hit a 90-day high of 52,470 as of September 23, for a total of 2.32 million according to data from social analytics platform LunarCrush.Not only that, the CoinMarketCap crypto community has a bullish view on the price of ADA at the end of October. The community expects ADA to trade at US$0.5873, an increase of 36.21 percent over its current price.

ADA's market cap is the eighth largest with a value of US$14.8 billion according to CoinMarketCap data.Via Twitter, analyst Peter Brandt provided a price chart showing ADA forming a descending triangle pattern. This means that the crypto asset may decline in the near future.

According to Brandt, the price of ADA could drop to under US$0.25 or fall 50 percent from the current price of ADA. If that happens, the price of ADA will fall by more than 90 percent of its all-time-high of US$3.09 reached in September 2022.