In the last 24 hours, Cardano (ADA) rebounded by over 6% from its support after a long period of price correction. This bullish rally has triggered a surge in open interest as investors commit to ADA’s future in anticipation of more growth.
Cardano open interest explodes as traders bet big
According to CoinGlass data, Cardano open interest has spiked by a massive 26.42% as traders committed 1.2 billion ADA valued at $958.11 million per current futures outlook.
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This development suggests that Cardano investors are anticipating further positive movement, possibly toward the psychological $1 price mark. Since early March 2025, ADA has not reclaimed that price level despite several attempts.
With broader market dynamics hinting at a market rally, Cardano could push for the elusive $1 price. To attain this, it has to confront and break the $0.95 ceiling, which is a critical resistance for Cardano.
As of press time, ADA exchanges at $0.8002, representing a 5.78% increase in the last 24 hours. The community remains bullish as investors have intensified a push for the next level, as trading volume spiked by 69.02% to $1.29 billion.
Cardano might soon record breakouts above its key resistance if market participants sustain the ongoing momentum in this bullish rally.
Can ADA push through $1 barrier?
Interestingly, most traders confident of a possible rebound to the $1 level are on the Bitget and Binance exchanges. Bitget recorded 264.30 million ADA in open interest, while Binance registered 247.54 million ADA in open interest, valued at $212.02 million and $198.65 million, respectively.
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These traders might be eyeing further growth that could increase profit-taking. As reported by U.Today, Cardano whales snapped up about 80 million ADA just before the current spike. The move is now seen as anticipatory of the ongoing bullish breakout.
Now that ADA has climbed to $0.80, the next battle is finding stability at this level. With Cardano’s Bollinger Bands signaling potential spikes to higher levels, investors remain keen to see how the price unfolds.