Cardano (ADA) is having a moment. While other cryptos are struggling, ADA is showing some serious bullish strength. Several key indicators are flashing green, hinting at a big shift in the market.
Futures Open Interest Soars
One of the most exciting signs is the huge jump in Cardano futures open interest. This means a ton of traders, both big and small, are betting on ADA’s future price. According to Minswap’s CMO, this open interest has hit $2.5 billion—the highest since 2021! This shows growing confidence in ADA and suggests we could see some major price swings soon. It also highlights ADA’s growing importance in the crypto world. With more people using leverage and the Cardano ecosystem expanding, it looks like ADA might be poised for its biggest breakout in years. ADA currently holds the #10 spot in market cap, boasting over $31 billion, a position it’s held since 2017.
Could ADA Rise by 44%?
The positive momentum isn’t just hype. Crypto analyst Lark Davis sees a bullish pennant pattern on the ADA chart – a pattern that often precedes a price surge. A similar pattern in August led to a 44% price increase in just a few weeks. While a similar rally is possible now, it’s important to remember that it could also be a “fakeout,” meaning the price might drop back down.