Cardano’s Open Interest Skyrockets as ADA Eyes a Bullish Break Above $1

• Cardano (ADA), the 9th largest cryptocurrency by market cap, has surged over 200% in the past month, reaching a multi-year milestone of $1.
• With whales accumulating ADA and speculation surrounding a potential Cardano ETF, the cryptocurrency is mirroring past bullish cycles

Cardano, the 9th largest cryptocurrency by market cap has been on a bullish run, along with the rest of the market. Nevertheless, the digital asset has attracted significant attention due to its meteoric surge.

Notably, the digital asset currently trading at $1.04 has recorded a 36.92% surge in the past week. Additionally, ADA has increased by more than 200% in the past month. As a result of this surge, the digital asset has exceeded a valuation of $1. ADA has been on a steady uptrend since November 5th, culminating in a multi-year price milestone of $1 on November 22nd. The upward momentum continued, reaching a peak of $1.15 on Saturday before facing resistance from sellers.

Cardano’s Open Interest Soars

Several factors have contributed to the digital asset’s successful rally. Notably, Cardano’s open interest has seen a remarkable surge. This was evidenced by data from Coinglass, whereby Cardano’s Open interest increased significantly by 15% in 24 hours. Additionally, futures traders have committed 848.99 million ADA worth over $761 million.

In the last four hours, open interest in Cardano (ADA) has surged by over 6.49%. This significant increase comes despite a slight pullback from its recent high of $0.9281. This suggests that investors remain optimistic about the future of the project.

Binance and Bybit are leading the charge, accounting for 33.3% and 31.65% of the total open interest, respectively. Binance has opened positions worth $253.62 million, while Bybit has opened positions worth $241.06 million.

Given the strong bullish sentiment and increasing open interest, it’s likely that Cardano could reach the $1 milestone sooner rather than later.

Cardano’s ETF Entry Speculations Sparks Investor Optimism

As we earlier reported, renowned market participant and President of the ETF store, Nate Geraci earlier predicted a bullish prediction that could even further Cardano’s rally. Nate took to the X platform stating that ETF issuers may soon file for spot ETFs for Cardano and Avalanche stating “Guessing at least one issuer takes a flier on ADA or AVAX ETF as well.”

In addition to crypto index fund uplistings from Grayscale & Bitwise, there are currently spot ETF filings for the following…

-SOL
-XRP
-HBAR

Guessing at least one issuer takes a flier on ADA or AVAX ETF as well.

— Nate Geraci (@NateGeraci) November 21, 2024

In the same vein, ETF issuers have increased their interests in expanding their crypto products beyond Bitcoin and Ethereum. Hard on the heels of the SEC approval for Ethereum ETFs, other ETF issuers found the courage to table their applications for altcoins such as Solana, XRP and HBAR and the crypto community is eagerly awaiting more altcoin-based ETF application.

What’s Next For Cardano

Analyst Ali Martinez has observed that large investors, including whales and institutional players, have been accumulating Cardano (ADA), potentially indicating bullish sentiment towards the cryptocurrency.

The volume of large Cardano ADA transactions on the network has surpassed $22 billion per day. Those large transactions appear to be related to high accumulation levels. Indeed, whales holding from $1 million to over $10 million in ADA have increased their positions by more than 100% in the past month.

The high buying pressure is starting to move prices, and from a technical perspective, Cardano seems to be mirroring its previous bullish cycle. If this pattern holds true, ADA could target $6

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