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Cardano has mostly flown under the radar recently, despite being one of the best-performing large-cap altcoins over the last year. Just like the ADA price, the Cardano open interest has also stealthily been on the rise and has even reached all-time high levels amid all the ruckus. Even with the market correction, the open interest has continued to trend high, and with this heightened participation, it could trigger another wave of uptrend for the cryptocurrency.
According to data from Coinglass, the Cardano open interest has already beaten its previous all-time high that was set back in January 2025. On August 18, the open interest had risen to $1.87 billion, recording the highest point so far.
This new all-time high had come after weeks of steady climb in the open interest. It had followed the rise in the ADA price, which had resulted in a new 5-month high after climbing above $0.9 in the month of August. Since then, the open interest has remained relatively high, maintaining an average of $1.5 billion per day.
Since the open interest refers to the amount of all futures or options contracts for a digital asset, it suggests that more and more crypto traders have been taking an interest in the Cardano price at this time. Usually, a rise in the open interest suggests that investors are bullish, and a decline suggests that they are bearish.
This means that Cardano investors are still expecting the price to rise from here, and with the current price point, $1 is a good target for where a push might send the ADA price next. However, if there is a sharp decline in the open interest, then the ADA price could end up crashing with it.
As interest in Cardano has grown, crypto analyst CryptoPulse has outlined the major levels to watch for the ADA price going forward. This comes as the altcoin reclaimed a key level above $0.8, and is now testing it as support. Thus, a breakout could be imminent.
The first of these levels is the 0.382 Fibonacci level, which coincides with the $1.01 price point. Next I $1.1405 at the 05. Fibonacci level, and lastly, the 0.618 Fibonacci level that would put the ADA price as high as $1.27-4. “As long as price holds above the key level, higher targets remain on the table. Losing it, and we look back to range lows,” the analyst said.
Featured image from Dall.E, chart from TradingView.com
