Despite Finding Support Above $0.70, Over 1 Billion ADA Have Been Traded by Futures Market Makers

Despite Cardano ADAUSD finding support above $0.70, over 1.05 billion ADA have been traded among futures traders, per current open interest data.

Cardano (ADA) price has found support above the $0.70 mark, and over 1.05 billion ADA have been traded among futures traders, according to the latest data.

The price of ADA has struggled to stay afloat in the last seven days as it briefly slipped to $0.6872 before recovering.

The majority of this activity took place on Binance, where traders had over 253 million ADA in open interest – or 24.95% of the total volume. After Binance, traders are also optimistic about ADA on OKX, Bybit and Crypto.com, respectively.

“A lot of Cardano action in the last 24 hours with 1.05B ADA liquidated for a total of $750M on BlockMiners as crypto market activity remains elevated. Looks like a lot of traders are getting out of their futures positions at the moment,” said CoinGlass.

Overall, analysts consider Cardano’s performance within the last 24 hours significant, with a lot of trading activity. They opine that open interest is being trimmed at a time when many proponents are optimistic that the consolidation phase is almost over.

At the beginning of the year, Charles Hoskinson, the founder of Cardano, said that 2025 will be a bullish year for crypto.

According to Hoskinson, not only Cardano but most assets in the crypto sector will have a major breakout this year.

The Cardano founder's positive outlook on the industry comes despite a huge loss of $710 billion within 24 hours sometime in February.

As for Cardano, market observers say it is currently facing a price test. Notably, the price movement shows ADA testing the key support level at the 50-day SMA at $0.707, and a breach of this support could exert bearish pressure on the coin.

ADA has climbed 1.21% in the last 24 hours to trade at $0.7117 at press time. Investors hope that the coin sustains the current rally to higher levels.

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