Cardano (ADA) bulls were caught off guard as open interest suffered a sharp reversal. According to CoinGlass, ADA's open interest dropped 7.26% in the last 24 hours, settling at 2 billion ADA worth $780.3 million. Despite the substantial locked value, it failed to generate market momentum.
Typically, rising open interest signals optimism for a price rebound. But the recent drop came alongside a notable price decline. CoinMarketCap data shows ADA currently trading at $0.3911, down 3.32% in 24 hours. Earlier, price peaked at $0.4093 before sliding lower.
Volume Dwindles, RSI Hovers at Neutral
Trading volume also cratered, falling over 20% to $588.63 million. Just 48 hours ago, volume had spiked 72% pushing ADA to $0.42. The collapse in both price and volume points to growing bearish pressure. ADA's Relative Strength Index (RSI) sits at 49.9, indicating short-term traders are retreating after repeated rejection at the $0.40 resistance.
Futures Positioning Shows Split Sentiment
Not all traders have thrown in the towel. Data over the past 24 hours reveals significant open interest remains concentrated on major exchanges. Gate holds 27.03% of total open interest ($210.95 million or 540.06 million ADA). Binance accounts for 16.685% ($130.16 million), while Bybit traders hold $101.65 million (13.02%). These hefty positions suggest a faction still betting on a turnaround.
Blockchain Progress Keeps Recovery Hope Alive
Optimism is likely fueled by recent positive developments around the Cardano blockchain, particularly in 2026. Highlights include the listing of Midnight perpetual futures on Coinbase, progress on the CIP for Leios, the launch of Google Cloud stake pools, and ADA's inclusion in new ETF applications. These milestones have boosted sentiment, offering a glimmer of hope for a potential recovery in the coming weeks.