ADA Token Surges 11.92% as Binance Soft Staking and Bullish Breakout Drive Trading Frenzy

Cardano (ADA) experienced a significant price increase over the past 24 hours, with the ADAUSDT pair on Binance rising 11.92% to $0.7341. This upward movement is attributed to strong bullish sentiment following ADA’s breakout from a descending channel, increased open interest in derivatives (up 13.66% to $970.59 million), and high trading volumes, alongside positive technical indicators and renewed market focus on altcoins with robust fundamentals. The surge was further supported by the introduction of Binance’s Soft Staking for ADA, allowing users to earn daily rewards without locking assets, which likely contributed to heightened market participation and buying pressure.

Currently, ADAUSDT is trading at $0.7341 with a 24-hour open of $0.6559, reflecting notable volatility and increased trading activity, as market participants closely monitor support and resistance levels amid elevated volumes and a market capitalization estimated between $24.34 billion and $26.59 billion.