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CoinGlass data reveals a significant surge in Cardano (ADA) Open Interest (OI) in the last 24 hours. The OI surge coincides with broader crypto market factors like price increases and rekindled interest from market whales.
Exchanges leading charge in trading activity
According to the figures, Cardano’s Open Interest has reached 707.38 million ADA, worth approximately $629.47 million. This represents a 1.79% increase in the last 24 hours. Although it is a mild increase, it provides insight into the activities of ADA investors on the broader cryptocurrency market.
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A critical look at the data shows increased trading activity across two exchanges: Bybit and Binance. These two crypto exchanges registered $218.78 million and $213.10 million, respectively. Both account for 68.6% of Open Interest trading activities.
Other exchanges that posted volumes in the tens of millions include Bitget, OKX and BingX, with $83.78 million, $47.74 million and $29.04 million, respectively. These three exchanges contributed 25.5% of the trading activity, making up the top five.
The increased activity signals revived interest from traders and investors who have decided to reenter the ADA market. The price retracement of the asset over the past week could have triggered this attraction to ADA.
ADA is exchanging hands for $0.8781 as of this writing, representing a 1.22% uptick. Meanwhile, trading volume has climbed by 22.12% to $863.67 million as more investors flock to explore the coin.
Will Cardano cross $1 threshold?
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Analysts highlight that a surge in Open Interest could fuel ADA’s breakout to cross the $1 price level. Especially with the trading volume recording impressive figures, a sustained momentum from the community might push ADA to flip $1.
However, they remain cautiously optimistic about Cardano’s ability to reach greater peaks. A 4.3 billion ADA sell wall on Cardano’s path is proving a significant barrier on its price recovery journey.
Source: https://u.today/707-million-cardano-in-open-interest-whats-happening