In the last 24 hours, a significant increase in open interest (OI) for Cardano (ADA) was recorded. A total of 1.31 billion ADA has been invested in futures, reflecting growing confidence despite volatility.
ADA Investor Confidence Rises
According to CoinGlass data, the open interest amounts to $1.21 billion. This surge signals expected price stabilization and possible increase to $1. This is not surprising given ADA's 31.3% growth in February. However, ADA struggled to break the $0.99 resistance recently, fluctuating between $0.9215 and $0.9819.
Leading Exchanges in Open Interest
The highest increase in open interest was recorded on Gate.io, accounting for 23.51% ($307.72 million) of the total OI. It was followed by Binance with 22.91% ($278.18 million), Bybit with 21.69% ($263.31 million), and Bitget with 20.68% ($251.09 million). These figures indicate strong investor confidence.
Impact on ADA Price and Liquidity
Analysts believe that the increase in open interest may lead to higher liquidity for Cardano, helping it regain the $1 price level. As of this writing, ADA is trading at $0.9304, with a slight increase in trading volume.
The rise in open interest for ADA shows that investors remain confident in the future of this asset, despite current market instability. This could lead to strengthened positions for Cardano in the near future.
