- Cardano’s open interest drops, leaving bulls disappointed amid price dip.
- Futures market sees decline, but some traders remain optimistic.
- Positive blockchain developments hint at potential Cardano recovery this year.
Cardano (ADA) investors were taken aback as the cryptocurrency’s open interest experienced a significant reversal. After showing promising double-digit growth earlier this week, the open interest in ADA dropped by 7.26% in the last 24 hours, according to CoinGlass data. The total locked in the futures market now stands at just two billion ADA, valued at $780.3 million. Despite this large sum, it failed to spark momentum in the market.
Typically, open interest offers insight into the market’s sentiment, with rising numbers often indicating optimism for a potential price rebound. The recent drop, however, has left bullish investors stunned, particularly as Cardano saw a notable price decline within the same period. Data from CoinMarketCap shows ADA’s price is currently $0.3911, reflecting a 3.32% dip. Just a few hours ago, the price had surged to a peak of $0.4093, but it eventually settled lower.
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Moreover, trading volume has dropped significantly, falling by over 20% to $588.63 million. This is a sharp contrast to the over 72% spike in trading volume less than 48 hours ago that pushed ADA’s price to $0.42.
The volume dip signals a potential bearish trend as ADA’s Relative Strength Index (RSI) sits at 49.9, suggesting that many short-term traders are retreating from their positions after facing repeated rejection at the $0.40 resistance level.
Futures Market Sentiment Remains Divided
Despite the bearish price movement, some traders remain hopeful of a market rally. Data from the past 24 hours shows that significant portions of open interest are still committed on major exchanges like Gate, Binance, and Bybit.
Gate traders hold 27.03% of the total open interest, amounting to $210.95 million or 540.06 million ADA. Binance accounts for 16.685% with $130.16 million worth of ADA, while Bybit traders hold $101.65 million in ADA, representing 13.02% of the total open interest.
This optimism is likely fueled by the recent positive developments surrounding the Cardano blockchain, particularly in 2026. These include the listing of Midnight perpetual futures on Coinbase, progress on the CIP for Leios, the launch of Google Cloud stake pools, and ADA’s inclusion in new ETF applications. These moves have boosted sentiment, offering a glimmer of hope for a potential recovery in the coming weeks.
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