1,250,000,000 Cardano in 24 Hours, Open Interest Flips Bullish

Cardano (ADA) Traders Remain Bullish Despite Market Volatility

Amid the current market volatility, Cardano (ADA) has seen a drop in both price and trading volume. However, despite the decline, ADA traders remain bullish and have been active in the Cardano futures market, as evidenced by a spike in open interest.

According to CoinGlass data, in the last 24 hours, Cardano's open interest registered a 1.98% uptick, translating to 1.25 billion ADA or $940.70 million committed to the Cardano futures market by traders in the ecosystem. The top exchanges with the highest open interest are Binance and Bitget, accounting for over 41% of the total open interest.

• Binance: $201.28 million
• Bitget: $192.80 million
• Bybit: $138.53 million
• Gate.io: $134.07 million

The significant trading activities on these exchanges indicate that traders could help trigger broader changes in the Cardano ecosystem.

At the time of writing, the ADA price was trading at $0.7532, representing a 1.97% decline in the last 24 hours. The trading volume has also declined by 1.02% to $641.41 million. Technical indicators suggest that Cardano is experiencing a short-term downtrend, but if ADA can find stability above the $0.745 level, it might rebound toward the elusive $1 that investors have anticipated.

Despite the current market conditions, Cardano bulls remain committed to the project, and the increasing open interest in the Cardano futures market is a testament to their bullish sentiment.