ADA Token Sees Surge in Trading as Binance Soft Staking Launch and Midnight Glacier Airdrop Fuel Market Activity

Cardano (ADAUSDT) has experienced heightened volatility and strong trading activity, driven by several key factors. The launch of Binance’s Soft Staking feature for ADA, which allows users to earn daily rewards without a lock-up period, has contributed to increased user engagement as part of Binance's 8th anniversary promotions. Anticipation around the upcoming Midnight Glacier airdrop has further boosted ADA trading volume and open interest in derivatives, with a notable long-to-short account ratio of 2.012 and top traders at 2.2971, indicating a prevailing bullish sentiment among traders.

Despite these positive developments, ADA’s price has declined by 2.80% over the past 24 hours, currently trading at $0.7157 on Binance, down from a 24h open of $0.7363. The price fluctuation follows a period of significant gains earlier in the week, including a 12% jump reported on July 12 and a 15% surge on July 11, fueled by broader altcoin market momentum and speculation of an upcoming "alt-season." Recent large token movements by Cardano whales and increased foundation spending have also contributed to market activity. The 24-hour trading volume remains substantial, ranging between $1.17 billion and $2.83 billion, with a market capitalization around $25.5 to $26 billion and a circulating supply of approximately 36 billion ADA. While technical analysis shows both bullish and cautious perspectives, the latest price decline appears to be a short-term correction following rapid gains and heightened speculative trading.