ADA’s Open Interest Approaches Record High as Bullish Sentiment Grows

Cardano’s open interest in futures contracts has surged by $250 million in a week, approaching its previous peak of $1.87 billion. This surge signals growing risk-on sentiment among traders, with data from Coinglass showing an increase to $1.79 billion. Analysts are anticipating this upward trend could propel ADA towards the $1 mark. However, Cardano’s current performance remains below its all-time high of $3.10, where it is trading at around $0.8833 after a gain of nearly 8% over the past week and an impressive 163% year-to-date.