ADA Surges 6.89% as Cardano Sees Record Buying, Short Liquidations, and Binance Soft Staking Boost

Cardano (ADAUSDT) experienced a 6.89% price increase over the past 24 hours on Binance, rising from 0.6924 to 0.7401 USDT. This upward movement is attributed to a combination of factors, including a bullish reversal identified after a strong bounce from a key support zone, significant short liquidations resulting in a 4,146% imbalance, and increased buying activity, with 98% of Coinbase users purchasing ADA. Additional drivers include Cardano's rising market dominance, a notable increase in wallet numbers, and continued growth in smart contracts following the Alonzo upgrade. The 24-hour trading volume ranged from $1.14 billion to $1.57 billion, and Cardano remains ranked #10 by market capitalization, with a circulating supply of approximately 35–36 billion ADA out of a maximum of 45 billion. Recent developments, such as Binance's launch of Soft Staking for ADA, have also contributed to heightened interest and trading activity.