ADA Surges 8.69% as Binance Soft Staking Spurs Trading Frenzy Amid $17M Liquidations

Cardano (ADA) experienced a strong price increase over the last 24 hours, rising 8.69% from a 24h open of $0.5327 to a current price of $0.5790 on Binance. This upward movement is attributed to renewed market interest following Binance's launch of Soft Staking for ADA, which has encouraged user participation and flexible asset access. Despite recent technical indicators showing oversold conditions and significant selling pressure from large holders—highlighted by the liquidation of $17 million in ADA long positions and a 230 million ADA sell-off—ADA rebounded from recent lows as traders responded to increased trading volumes and positive sentiment around network upgrades. The market remains volatile, with ADA consolidating near $0.58, supported by heavy trading activity and cautious optimism as it holds above key support levels.