🌊 ADA Holds Strong Amid Market Turmoil — Uptrend Remains Intact
Cardano ($ADA ) continues its impressive performance, breaking key resistance for the fourth consecutive day despite broader market declines. As of Friday, ADA is up 1%, supported by rising investor confidence and surging derivatives activity.
📈 Open Interest Hits Record High
Open Interest (OI) in ADA futures has surged to a new all-time high of $1.77 billion, up from $1.57 billion just a day earlier — a sign of growing capital inflow and heightened trader engagement. This increase reflects a notable shift toward bullish sentiment.
💡 Long Positions on the Rise
Over the past three days, the share of long positions has climbed to 49.69%, up from 48.07% on Wednesday. This steady growth signals strong market optimism and positioning for further upside.
🧠 Macro Support from Economic Data
Cardano’s resilience during Thursday’s market dip was partly fueled by better-than-expected U.S. July PPI data, which highlighted ongoing inflationary pressure. This macro tailwind added to ADA’s strength as traders doubled down on bullish futures.
📊 Technical Outlook
ADA closed at $0.9258, sustaining momentum after briefly reaching $1.0193. The recent rally has broken through a critical resistance trendline connecting the December 3 and March 3 highs, as well as the 50% Fibonacci retracement level at $0.9187 (measured from $1.3264 to $0.5110).
• A close above $0.9187 opens the door to the 61.8% Fibonacci target at $1.0149.
• A drop below $0.9187 could trigger a retest of the broken trendline near $0.8898.
• A daily close below the trendline would invalidate the current breakout.
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Cardano’s uptrend remains technically strong, supported by both bullish positioning and record-high Open Interest — as traders look toward a potential retest of the $1.00 psychological level.