Cardano Open Interest Surges to 1.25 Billion ADA Despite Price Dip

Despite ongoing market volatility, Cardano (ADA) has drawn notable interest from futures traders. While ADA’s price and trading volume declined over the past 24 hours, open interest in the Cardano futures market jumped significantly. Data from CoinGlass shows that traders committed 1.25 billion ADA roughly $940.70 million to Cardano futures in just one day.

Binance and Bitget emerged as the leading platforms for ADA futures, holding a combined 41% share of the total open interest. Binance recorded $201.28 million, while Bitget followed closely with $192.80 million. Together, these two exchanges significantly influence ADA’s derivatives market and could play a pivotal role in shaping Cardano’s short-term outlook.

Bybit and Gate.io came in third and fourth, posting $138.53 million and $134.07 million in open interest, respectively. This gives them a 14.72% and 14.25% market share each. Although OKX, MEXC, Bitunix, and WhiteBIT also contributed to the overall volume, their impact remains comparatively minor. Nonetheless, the collective trading activities on these platforms reflect growing investor confidence in ADA’s potential.

ADA Price Slides but Finds Support Near $0.745

At the time of writing, ADA traded at $0.7582, reflecting a 1.97% decline over the past 24 hours. Earlier in the day, ADA fell from a high of $0.775 to a low of $0.7472 before showing signs of a minor recovery. In addition, trading volume dropped 1.02% to $641.41 million, suggesting decreased market participation during the dip.

Source: CoinMarketCap

Cardano faces a short-term bearish trend after encountering resistance at $0.7756. However, technical indicators suggest that if ADA maintains stability above the $0.745 level, a rebound remains possible. Investors continue to eye the psychological $1 mark, which has long served as a target price.

Cardano’s Bollinger Bands have highlighted ongoing volatility, hinting at larger price moves ahead. While bulls have not yet accelerated buying activity, the increase in open interest indicates that traders expect ADA to make a comeback.

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A concerted push from bullish investors across the top exchanges could help ADA regain upward momentum and work toward the elusive $1 target.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.