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Cardano (ADA) has registered a significant open interest (OI) surge despite the coin's price volatility. In the last 24 hours, 1.31 billion ADA has been committed to open interest by investors trading ADA futures.
ADA investors signal confidence amid volatility
As per CoinGlass data, this represents $1.21 billion in the period under consideration. Despite the volatility, this surge in ADA’s OI signals that Cardano’s investors look forward to some positive price movement soon and likely stability in price.
This could mean market participants bet on ADA to reclaim the $1 level. Notably, analysts say this anticipation is not out of place given the historical data of ADA for February. ADA has managed to maintain a 31.3% growth rate, according to Cryptorank data.
However, in the last seven days, ADA has been unable to breach the $0.99 resistance mark as every move ends with the coin slipping to lower levels. This has left ADA fluctuating between $0.9215 and $0.9819 in the market.
As of this writing, ADA is changing hands at $0.9304, representing a decline of 4.34%. However, trading volume has increased slightly by 4.27% to $672.42 million as investors remain confident in ADA’s outlook for 2025.
Major exchanges lead open interest surge
This increased interest from investors was highest on Gate.io, with 23.51% of the total open interest. This amounted to 307.72 million ADA or $285.44 million.
Binance, Bybit and Bitget followed with 22.91%, 21.69% and 20.68%, respectively. Binance exchange recorded 299.41 million ADA or $278.18 million, while Bybit had 283.79 million ADA, equivalent to $263.31.
Bitget completed the top four exchanges with 270.29 million ADA valued at $251.09 million.
The distribution indicates soaring confidence among ADA investors across different exchanges. Analysts predict that this uptick in open interest might translate to increased liquidity for Cardano, which can help it reclaim the $1 price level.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Denys Serhiichuk
Dan Burgin
Vladislav Sopov