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Cardano (ADA) bulls were stunned as its open interest posted a shocking reversal from its double-digit growth recorded earlier this week. CoinGlass data shows that Cardano’s open interest dropped by 7.26% in the last 24 hours, as only two billion ADA were locked in the futures market.
Cardano turns heads as price slips below $0.40
Notably, the two billion ADA, valued at $780.30 million, were insufficient to shift momentum on the open market.
Generally, open interest signals traders' anticipation regarding price direction. An uptick in open interest indicates that investors are hopeful of a possible rebound.
However, the more than 7% decline in the last 24 hours has left those betting on a bullish rebound stunned as Cardano suffered a significant decline in price within this time frame.
CoinMarketCap data shows that as of press time, Cardano is exchanging hands at $0.3911, which represents a 3.32% drawdown. Interestingly, ADA had shown the potential for an upward climb as the price surged from $0.3888 to an intraday peak of $0.4093.
The momentum faded with the price settling at the current level. The trading volume has also dropped by 20.56% to $588.63 million within this period. This is a huge contrast to the over 72% volume spike that Cardano logged less than 48 hours ago, which pushed the price to $0.42.
The current volume dip might be because technical signals lean toward bearish momentum. The asset’s Relative Strength Index (RSI) currently at 49.9 suggests that short-term traders are exiting their positions following repeated rejection at the $0.40 price level.
Market participants will have to watch out for ADA reclaiming the $0.40 level. If Cardano can break out above this resistance, supported by rising volume, a bullish rally could be emerge.
Cardano and 2026 network developments
Despite the current outlook, some traders on Gate exchange, Binance and Bybit remain optimistic of a rally. These traders accounted for 27.03%, 16.685 and 13.02% of the total open interest in the last 24 hours.
In fiat terms, Gate traders committed $210.95 million, or 540.06 million ADA, while Binance accounted for 333.15 million ADA valued at $130.16 million. Bybit traders logged 260.25 million ADA worth $101.65 million.
The optimism of these traders might be linked to the positive energy in the blockchain since the beginning of 2026. As per Cardanians, an X account that promotes the asset, Cardano has recorded five positive advancements in recent times.
These include the listing of Midnight perpetual futures on Coinbase. Others are CIP for Leios progress, Google Cloud stake pool launch, inclusion of ADA in new exchange-traded fund (ETF) applications and critical integrations that will be announced soon.
Godfrey Benjamin
Tomiwabold Olajide
Arman Shirinyan
Gamza Khanzadaev