🚀 Cardano Bulls Eye $1 — Network Activity & Open Interest Point to Breakout

Breakout rally from channel pushes Cardano near $0.80.

On-chain data suggests Cardano user engagement has grown.

ADA Open Interest rises 15%, signaling trading optimism.

Cardano (ADA) is at $0.80 at press time on Friday, up 6.22% from Thursday as trader interest rises, increasing Open Interest by 12% in 24 hours. Due to rising active addresses and profit-to-loss transaction volume, on-chain statistics are positive.

At press time on Friday, Santiment reported 30.9K 24-hour Unique Active Addresses (UAA), up from 29.6K on Thursday. more Cardano UAA transactions imply more activity and use. Active addresses indicate greater interest in response to rising ADA costs.

The ratio of on-chain transaction volume in profit to loss rose to 4.808 from 1.790 on Thursday, suggesting more transactions at values higher than the previously traded coin. This boosts network and token demand.

Over the last 24 hours, CoinGlass data shows ADA Open Interest rising 12% to $1.43 billion. As stated by FXStreet, a spike in OI frequently indicates a surge in capital inflow, which might be positive if it coincides with a funding rate hike. The OI-weighted funding rate is 0.0107%, up from 0.0085% Thursday, suggesting buy-side dominance.

Cardano hopes channel breakthrough boosts profits.

Cardano extends its comeback by breaking out of a falling channel on the 4-hour chart (below). At press time on Friday, ADA trades at $0.7953, down from $0.8012.

The channel breakout rally maintains above $0.7854, a resistance-turned-support level, with bulls aiming $0.8599, last reached July 23.

Alternatively, a reversal below $0.7854 might continue the drop to the 100-period Exponential Moving Average at $0.7589.

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