Cardano Surge Incoming? ADA Eyes $1 as Bullish Bets and Open Interest Soar
Cardano (ADA) is on a roll. The smart contract platform has surged over 7% in the past 24 hours, climbing past the key $0.80 level and setting its sights on a bigger milestone—$1.
And if you’re wondering whether this rally has legs, the data says yes.
Open Interest Surges — And That’s a Bullish Signal
The real story behind Cardano’s price momentum? Derivatives market behavior.
According to CoinGlass, ADA’s Open Interest (OI) has jumped 16.3% in just one day, now sitting at a whopping $1.44 billion—just shy of its all-time high of $1.50B. That’s not retail FOMO. That’s serious capital from leveraged traders betting on the upside.
👉 What is Open Interest? It measures the total value of outstanding derivative contracts. A rising OI typically signals growing confidence and liquidity in the asset.
Add to that:
- Funding Rate: Positive at 0.0219%, meaning long traders are willing to pay to keep their positions open—bullish behavior.
- Long/Short Ratio: Taker long volume now accounts for 50.02%, up from 48.72% just 24 hours earlier—another vote of confidence from the bulls.
In short, the smart money is betting long on ADA.
Technical Analysis: $1 in Sight?
Let’s talk charts.
ADA has now reached the 50% Fibonacci retracement level at $0.8233, based on the swing from its December 3 high of $1.3264 to the April 7 low of $0.5110. Breaking through this zone could push Cardano straight to the next Fibonacci target at $0.9214.
Even more bullish signs:
- The 50-day, 100-day, and 200-day EMAs are trending upward—ideal for a Golden Cross, a classic buy signal.
- RSI is currently at 79—yes, that’s in overbought territory, but it also confirms strong buying momentum.
- The MACD is firmly positive with expanding green bars—another sign that bulls are in control.
Support Levels to Watch: In case of a pullback, expect strong support at:
- 50-day EMA: $0.6581
- 100-day EMA: $0.6760
- 200-day EMA: $0.6894
The Risk? A Rejection at Key Resistance
While momentum favors the upside, no rally comes without risk. If Cardano fails to break above $0.8233, a bearish reversal could send prices sliding back toward the $0.68–$0.69 support zone.
But for now, the market is leaning bullish—strong derivatives data, healthy volume, and upward-trending technical indicators all point toward one thing:
👉 Cardano is on track for $1—if the momentum holds.
Final Thoughts: What Traders Should Watch Next
Cardano is flashing all the classic signs of a potential breakout. Rising Open Interest, strong funding rates, bullish technicals, and a clear path to $1 make it a coin to keep on your radar.
But don’t forget: high RSI levels suggest a cooling period may follow. If you’re trading ADA, this could be the sweet spot for momentum-based setups, while longer-term investors might see a confirmation of trend reversal.
📌 Bottom Line: ADA is showing strength—but stay sharp. The $1 level is both a psychological and technical barrier. If it breaks, the upside could accelerate fast.
