Cardano's open interest has surged to $1.21 billion in the last 24 hours, with 1.31 billion ADA committed by investors trading ADA futures. Despite the coin's price volatility, this significant increase signals that Cardano's investors are anticipating a positive price movement and stability in the near future.
Market participants are betting on ADA to reclaim the $1 level, as analysts suggest this anticipation is not unfounded given the historical data of ADA for February. The coin 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, fluctuating between $0.9215 and $0.9819.
As of this writing, ADA is trading at $0.9304, representing a decline of 4.34%. However, trading volume has increased slightly by 4.27% to $672.42 million, indicating that investors remain confident in ADA's outlook for 2025.
The increased interest from investors was highest on Gate.io, with 23.51% of the total open interest, amounting to 307.72 million ADA or $285.44 million. Binance, Bybit, and Bitget followed with 22.91%, 21.69%, and 20.68%, respectively. Analysts predict that this uptick in open interest might translate to increased liquidity for Cardano, which can help it reclaim the $1 price level.
