Amid market volatility, Cardano (ADA) has seen a drop in both price and volume as the ecosystem seeks stability. Despite the decline, ADA traders remain bullish and have bet on Cardano's futures, as seen with a spike in open interest.
$940 million committed in Cardano open interest
According to CoinGlass data, in the last 24 hours, Cardano’s open interest registered a 1.98% uptick. This translates to 1.25 billion ADA, or $940.70 million committed to the Cardano futures market by traders in the ecosystem.
Binance and Bitget have over 41% of the total open interest, with $201.28 million and $192.80 million, respectively.
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Bybit and Gate.io followed in third and fourth places, with $138.53 million and $134.07 million, respectively. Their market share of Cardano’s open interest amounts to 14.72% and 14.25%, respectively. Other contributors, although in smaller volumes, include OKX, MEXC, Bitunix and WhiteBIT.
The data shows significant trading activities among the top Binance, Bitget, Bybit and Gate.io exchanges. This indicates that traders on any of these four exchanges could help trigger broader changes in the Cardano ecosystem.
ADA price holds key support as traders eye $1 breakout
The ADA price was changing hands at $0.7532 as of press time, representing a 1.97% decline in the last 24 hours. ADA plunged from a peak of $0.775 to $0.7472 in earlier trading before witnessing a slight recovery. Trading volume has also declined, dropping by 1.02% to $641.41 million.
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Technical indicators show that Cardano is experiencing a short-term downtrend after seeing rejection at $0.7756. However, if ADA can find stability above the $0.745 level, it might rebound toward the elusive $1 that investors have anticipated.
As predicted by U.Today, Cardano’s Bollinger Bands setup had indicated volatility on the road to achieving $1. However, Cardano bulls are yet to intensify trading activity to support ADA’s recovery to the psychological $1 mark.
