$809,910,000 Cardano in 24 Hours, Futures Whale Fueling Rebound

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$809,910,000 Cardano in 24 Hours, Futures Whale Fueling Rebound

Cardano (ADA) has witnessed a slight uptick in open interest as investors bet on the asset‘s future outlook. CoinGlass data signals Cardano whales are driving ADA’s recovery journey as it breaches the $0.65 resistance level.

ADA whales drive futures activity despite low volume

In the past 24 hours, Cardanos open interest increased by 0.27% as investors committed $811.85 million to acquire 1.21 billion ADA.

Large holders are clearly on a buying spree, trying to push prices up from their current low levels. As of press time, ADA was exchanging at $0.6699, representing a 2.42% increase in the last 24 hours.

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Despite the increased price and whales betting on Cardano, volume remains low at $529.41 million. This is equivalent to a 44.74% decline within the same time frame.

If ADA is to climb higher, the Cardano ecosystem, especially retail investors, needs to become active to support the bullish signals.

Currently, market activity is dominant on Binance, Bitget, Gate.io and Bybit. Notably, Binance leads with $184.84 million committed to ADAs futures market, representing 22.76% of total open interest. Bitget, Gate and Bybit traders committed $144.14 million, $131.80 million and $109.07 million, respectively.

Hence, retail investors on these exchanges could mirror whales actions to support price action.

Cardano to $0.75: Potential triggers

With ADAs price on the verge of entering the $0.70 zone, Cardano bulls must push and sustain the recovery momentum. The asset needs to flip $0.75 to stand a chance at breaking other key resistance levels.

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If Cardano fails to surge toward the critical $1 price level, it cannot reclaim the ninth position from Tron. As per the ranking by market cap, recently, Tron dethroned Cardano as its price kept slipping far away from the $1 mark.

The ability of market participants in the ecosystem to rally around Cardano might decide the next price movement for ADA.