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The crypto market has been grappling with a sluggish trend over the past few weeks. The community has not witnessed major movements from the most prominent coins. Cardano (ADA) has also been going through this consolidation phase with a lack of upward momentum.
However, positive signals have emerged for ADA amid this lackluster performance. The trading volume of ADA, according to Coinglass, has surged 42.38% in the last 24 hours. It has reached the value of $331.76 million, which is a big number as it shows rising trading activity for the altcoin.
This activity is seen across all major trading platforms. Binance, the largest crypto exchange, leads with $150.58 million, followed by Bybit at $72.01 million, OKX at $35.54 million, BingX at $15.99 million, among others. This means that investor sentiment is shifting, and ADA is getting traction across all top exchanges.
Market sentiment shifts
Furthermore, the Open Interest (OI) of Cardano has soared 6.69% to $174.23 million. OI is a widely used tool to measure the total number of open positions for a coin. It offers insights into the liquidity and interest in that coin while shedding light on the current market trend.
In Cardano’s case, the OI is rising as the number of open positions is increasing. As explained above, this surge indicates that investors are showing more interest in ADA in the past few days. It highlights a shift in sentiment as optimism has started to prevail.
Potential price reversal
Meanwhile, the price of ADA has not shown any positive movements yet. As of this publication, the Cardano price has risen only 0.08% in the last 24 hours. Currently standing at the $0.338 level, it shows ongoing sideways movement from the coin. However, the rising trading activity and Open Interest indicates a possible momentum shift.
While the market may not see major price movements right away, these metrics signal a potential price reversal in the near future. Moreover, they reveal that the broader market sentiment is still bullish. The bearish phase may be cooling down, and an upward trend may return soon.