With a recent rebound from a descending channel and a notable increase in network activity, Cardano (ADA) is showing clear signs of recovery. The crypto community is already wondering if this is the start of a bullish run towards the iconic $1 per token level.
What is Happening on the Cardano Network?
According to data from Santiment, Cardano recorded more than 30,900 unique active addresses (UAA) in 24 hours, an increase from 29,600 the previous day. This increase in active users reflects greater real use of the network, not just speculation.
🔸 Why is this relevant?
Because more on-chain activity is often an indicator of ecosystem health: more transactions, more adoption, and greater demand for the native token, ADA.
Open Interest on the Rise: Are More Purchases Coming?
According to CoinGlass, the open interest (Open Interest) of ADA increased by 12% in a single day, reaching $1.43 billion. This jump suggests that more fresh capital is entering the derivatives market, and is generally a sign that traders expect significant movements — in this case, bullish.
Additionally, the weighted funding rate rose to 0.0107%, reflecting a dominance of the buying side in the futures market.
Technical Analysis: Broken Channel and Next Target
ADA managed to break a bearish channel on the 4-hour chart, staying above $0.7854, a level that now acts as key support.
If the bulls maintain this momentum, the next target is $0.8599, the maximum reached on July 23.
On the other hand, if ADA loses the current support, it could correct towards the 100-period exponential moving average, around $0.7589.
Conclusion: Is the Path to $1 Real?
Cardano is showing a solid combination of technical fundamentals and positive on-chain metrics:
Increase in active addresses
Increase in profitable transaction volume
Institutional capital entering the futures market
Technical breakout on charts
All this sets up an environment where the $1 level doesn't seem like a fantasy, but rather a plausible target if the momentum is maintained.
