- Cardano and SOL have been listed on Binance U.S.
- Cardano launches new SPO Liquidity Bonds Product on its network.
- Analysts remain bearish on Solana’s price.
Cardano (ADA) can now be traded on Binance.US, the United States subsidiary of crypto exchange Binance, against USD Coin (USDC) and other currencies. Furthermore, the exchange has also listed Cardano’s competitor Solana (SOL), and it can be traded against the Stablecoin trading pairs.
With the announcement, Binance.US emphasized that the goals of both cryptocurrencies are “scalability, interoperability, and sustainability.”
The news comes a day after Optim Finance’s debut on the Cardano network. Optim’s SPO Liquidity Bonds product will enable unique use cases in the Cardano ecosystem, including SPO loans, leverage into ISOs, and financing Initial Bond Offerings.
This is accomplished by allowing users to rent ADA delegation rights and allowing stakepool operators (SPOs) to borrow these rights as well as their rewards for a certain amount of time. This innovation should make it easier for new SPOs to get delegators, contributing to the greater Cardano network’s decentralization.
Moreover, Ledger Stax, a brand-new hardware wallet for wallet manufacturer Ledger, has also announced support for Cardano’s ADA.
Meanwhile, analysts expect ADA to continue its downward trend in the foreseeable future. Experts predict that the price of ADA will move in a narrow range, between $0.324 and $0.297. But once that level gives way to the downside, the decline might be swift, with $0.260 serving as the initial support. The next possible stop for ADA is $0.21 if that level fails to hold.
On a similar note, analysts remain bearish on Solana as well. Analysts believe that SOL sentiment may struggle to see a sustained uptick unless the Solana Foundation’s future is evident. If the token drops below the 21-day moving average it might signal a resumption of the downward trend toward the $11 lows seen in November. However, a push above the 21DMA could see the token testing resistance at $19.
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