$ADA has risen to 0.27, yet the number of transactions on-chain has actually decreased.
On October 1, Cardano’s DEX saw $11.74 million in trading volume (according to DeFiLlama data). After that, it kept going down, and by October 4 there were reports saying it had been halved. The price, however, moved in the opposite direction: on Sunday it rose 6.5% in a single day. This morning it touched 0.2724, breaking above the prior high from September 26 at 0.2654.
So where did the money come from? CoinGlass shows that ADA open interest in futures increased by about 15% over 24 hours, reaching $615 million. Binance spot volume on Sunday was $52.2 million USDT—less than the $60.1 million from the small bearish candle on October 2.
It looks like this rally was mainly pushed by newly opened long positions in the derivatives market. How far this price action can go depends on whether spot buying steps in on Monday.
0.2654 is the line I’m watching. If the 4-hour close reclaims the level below it—then even if this breakout doesn’t hold, next support to watch would be 0.2533, the starting point of that big bullish candle from Sunday night. If you want to get in, wait for a retest of 0.2654 that doesn’t break. It’ll be more comfortable than chasing 0.27.
On the other hand, if the 1-hour chart holds above 0.2724 and spot volume keeps up, then it means someone really is buying—and this time I misjudged it. In the piece from August 19 at 0.175, I was also a bit cautious; after 84 hours it reached 0.2236.
#ADA #Cardano
On October 1, Cardano’s DEX saw $11.74 million in trading volume (according to DeFiLlama data). After that, it kept going down, and by October 4 there were reports saying it had been halved. The price, however, moved in the opposite direction: on Sunday it rose 6.5% in a single day. This morning it touched 0.2724, breaking above the prior high from September 26 at 0.2654.
So where did the money come from? CoinGlass shows that ADA open interest in futures increased by about 15% over 24 hours, reaching $615 million. Binance spot volume on Sunday was $52.2 million USDT—less than the $60.1 million from the small bearish candle on October 2.
It looks like this rally was mainly pushed by newly opened long positions in the derivatives market. How far this price action can go depends on whether spot buying steps in on Monday.
0.2654 is the line I’m watching. If the 4-hour close reclaims the level below it—then even if this breakout doesn’t hold, next support to watch would be 0.2533, the starting point of that big bullish candle from Sunday night. If you want to get in, wait for a retest of 0.2654 that doesn’t break. It’ll be more comfortable than chasing 0.27.
On the other hand, if the 1-hour chart holds above 0.2724 and spot volume keeps up, then it means someone really is buying—and this time I misjudged it. In the piece from August 19 at 0.175, I was also a bit cautious; after 84 hours it reached 0.2236.
#ADA #Cardano
