Cardano (ADA) Bulls Eye $1! Network Activity and Open Interest Point to Breakout 🚀
Cardano (ADA) is showing strong bullish momentum, breaking out of a falling channel and pushing its price near the $0.80 mark. This rally is fueled by a surge in on-chain activity and growing trader optimism.
Here's a breakdown of the key factors driving ADA's current move:
Growing Network Activity: On-chain data from Santiment shows a rise in Unique Active Addresses (UAA) to over 30.9K. This increase in active users and transactions suggests a real boom in network usage and demand for ADA.
Derivatives Market Optimism: According to CoinGlass, ADA's Open Interest (OI) has jumped by 12% in 24 hours to $1.43 billion. This significant inflow of capital, combined with a positive funding rate, indicates buy-side dominance and strong conviction from traders.
Technical Breakout: ADA has successfully broken out of a key falling channel on the 4-hour chart. The price is now holding above the new support level at $0.7854, with bulls setting their sights on the next major resistance at $0.8599.
With these strong on-chain and technical signals, Cardano bulls are setting their sights on the long-term target of $1. The network's growing utility and a surge in investor confidence could pave the way for a powerful rally in the coming weeks.