🚀 Cardano Bulls Eye $1 — Network Growth & Open Interest Fuel Breakout Hopes
Cardano (ADA) is pushing toward $0.80 after a bullish breakout from its falling channel, gaining 6.22% since Thursday. On-chain data and derivatives metrics now point to growing momentum, with traders eyeing a potential move toward $1.
📊 On-Chain Activity Surges
Santiment data shows 30.9K unique active addresses (UAA) in the past 24 hours, up from 29.6K a day earlier — signaling stronger network engagement. The profit-to-loss transaction volume ratio also jumped to 4.808 from 1.790, indicating a higher share of profitable transactions and rising demand for ADA.
💹 Derivatives Market Turns Bullish
CoinGlass reports ADA’s Open Interest climbed 12% in the past 24 hours to $1.43B. The funding rate rose to 0.0107% from 0.0085%, showing buy-side dominance. Historically, a spike in OI alongside higher funding rates often reflects fresh capital inflows and bullish sentiment.
📈 Technical Outlook
ADA remains above the key $0.7854 support level after breaking the falling channel. Bulls are now targeting $0.8599 — last seen on July 23. A drop below $0.7854, however, could trigger a pullback toward the 100 EMA at $0.7589.
With rising network activity and derivatives data pointing to growing optimism, Cardano bulls may have their sights firmly set on the $1 mark.