ADA Surges 4.89% on Binance as Crypto Meteor Shower and Soft Staking Drive Record Trading Activity

Cardano (ADAUSDT) experienced a notable price increase over the last 24 hours, rising by 4.89% on Binance to $0.7116. This upward movement is attributed to a combination of factors, including ADA’s inclusion in Binance’s 8th anniversary Crypto Meteor Shower event, the launch of Soft Staking for ADA on Binance, and a broader surge in market interest evidenced by a sharp increase in trading volume and open interest in ADA derivatives. The recent liquidation of short positions and ADA’s breakout from a descending channel pattern have contributed to bullish sentiment, with technical analysis indicating strong buying signals and heightened activity from both retail and institutional traders.

Currently, ADA trades at $0.7116 on Binance, with a 24-hour trading volume surge and a market capitalization near $25.5 billion. The asset ranks among the top 10 cryptocurrencies, with circulating supply around 35-36 billion ADA and a 24-hour price range between $0.6560 and $0.7774. The market remains highly active, supported by increased participation and positive sentiment following recent developments and events.