Despite Cardano (ADA) finding support above $0.70, over 1.05 billion ADA have been traded among futures traders, per current open interest data. The altcoin has struggled to maintain support in the last seven days but briefly slipped to $0.6872 before recovering.
Cardano open interest trend
Despite this increased market activity for ADA, traders are still betting big on the top coin. Data from CoinGlass indicates that within the last 24 hours, 1.05 billion ADA, valued at $750 million, have been committed to the futures market.
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The greatest Cardano open interest was recorded on Binance with more than 253 million ADA committed by futures traders. This accounts for 24.95% of the total volume on the market. Besides Binance, traders are also optimistic about ADA on OKX, Bybit and Crypto.com, respectively.
Overall, analysts consider Cardano’s performance within the last 24 hours significant, with a lot of trading activity. They opine that open interest is being trimmed at a time when many proponents are optimistic that the consolidation phase is almost over.
Hoskinson’s 2025 outlook: Bullish crypto cycle ahead?
Interestingly, in the midst of these liquidations, Charles Hoskinson, the founder of Cardano, remains optimistic that 2025 will be a bullish year. Hoskinson believes that not only Cardano but most assets in the crypto sector will have a major breakout this year.
The Cardano founder based his positive outlook on the industry's resilience despite a huge loss of $710 billion within 24 hours sometime in February.
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As for Cardano, market observers say ADA is currently facing a price test. Notably, the price movement shows ADA testing the key support level at the 50-day SMA at $0.707, and a breach of this support could exert bearish pressure on the coin.
ADA has climbed 1.21% in the last 24 hours to trade at $0.7117 as of press time. Investors hope that the coin sustains the current rally to higher levels.
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