Cardano’s open interest experienced a significant reversal, dropping by 7.26% in the last 24 hours. This decline follows a period of promising double-digit growth earlier in the week. The total open interest in ADA futures now stands at two billion ADA, valued at $780.3 million. Despite this substantial amount, it has not translated into market momentum.
Open interest typically serves as an indicator of market sentiment. Rising numbers often suggest optimism for a potential price rebound. However, the recent drop has surprised bullish investors, especially as Cardano has seen a notable price decline during the same period. ADA's price is currently $0.3911, reflecting a 3.32% dip. Earlier, the price had reached a peak of $0.4093 before settling lower.
Furthermore, trading volume has fallen significantly, decreasing by over 20% to $588.63 million. This contrasts sharply with the over 72% spike in trading volume less than 48 hours ago, which had propelled ADA’s price to $0.42. The decline in volume signals a potential bearish trend, as Cardano’s Relative Strength Index (RSI) is at 49.9. This suggests that many short-term traders are withdrawing from their positions after encountering repeated rejections at the $0.40 resistance level.
Futures Market Sentiment Remains Divided
Despite the current bearish price movement, some traders maintain hope for a market rally. Data from the past 24 hours indicates that substantial portions of open interest remain committed on major exchanges such as Gate, Binance, and Bybit. Gate traders hold 27.03% of the total open interest, equivalent to $210.95 million or 540.06 million ADA. Binance accounts for 16.685% with $130.16 million worth of ADA, while Bybit traders hold $101.65 million in ADA, representing 13.02% of the total open interest.
This sustained optimism is likely supported by recent positive developments within the Cardano blockchain ecosystem, particularly those anticipated for 2026. These developments include the listing of Midnight perpetual futures on Coinbase, advancements in the CIP for Leios, the introduction of Google Cloud stake pools, and ADA's inclusion in new ETF applications. These strategic moves have bolstered market sentiment, offering a hopeful outlook for a potential recovery in the coming weeks.