📈 Cardano Price: Bull Run Returns as $ADA Trading Volume Surges to $700M 🚨
$ADA price sits above a crucial support level and may experience a bull run in May. Its daily volume in the spot market continued to rise, reaching $700 million today.
Also, the open interest in the futures market is above its April lows. These factors, together with the positive weighted funding rate, means that ADA price could surge soon.
A potential bullish catalyst for the Cardano price is that signs of demand are emerging in the futures and spot market.
CoinGecko data shows that the trailing Cardano volume jumped to over $700 million on Thursday.
This continues a trend that started late last month when the daily volume has averaged above $700M on weekdays. For example, its spot volume soared to $1.035 billion on April 25.
A rising volume, especially when a cryptocurrency is experiencing a surge, is a sign of increased demand from both retail and institutional investors.
The volume on centralized and decentralized exchanges can also jump when a crypto is crashing, as holders sell.
In line with this, Cardano price could rise as the futures open interest in the futures market rises. Per CoinGlass, the open interest rose to $782 million on Thursday.
While this figure is lower than its weekly high, it is much higher than the April low of $576 million.
Open interest is a crucial metric in the futures market, as it measures the number of unfilled call and put trades in the futures market.
The interest often rises when a cryptocurrency is in an uptrend. A reversal usually happens when the OI overshoots, as it did in November and March.