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Cardano rebounded after dipping to a low of $0.2755 in the early Monday session. At press time, Cardano was trading in the green, having reversed its daily losses, up 1.2% in the last 24 hours to $0.2962.
This rebound follows a five-day drop for Cardano, which spanned from Jan. 28 to Feb. 1 and Cardano fell to a low of $0.269 at one point.
A weekend sell-off erased about $290 billion in crypto market value, while equity futures and precious metals also declined, indicating risk-off sentiment.
Altcoins were hit hard in the sell-off, with Cardano falling to lows last seen since August 2024.
Cardano open interest rises
Cardano's open interest has risen in the last 24 hours as signals of rebound begin to emerge on the markets.
According to CoinGlass data, Cardano open interest has risen 5.66% in the last 24 hours to $586.72 million or 1,963,030,303 $ADA. This follows an earlier drop in open interest over the weekend as the market fell, while liquidating billions of dollars.
The sentiment on the market remains cautious, with total liquidations in the last 24 hours remaining significant at $789.91 million, but this represents a 63% drop from the past day.
Meanwhile, Cardano smart wallets continue to buy the dip. At the close of January, Santiment reported that Cardano large wallets have been quietly buying as the $ADA price traded lower. Santiment noted that in the last two months, $ADA holders with 100,000 to 100 million coins increased by 454.7 million $ADA, while on the other hand, retail wallets sold.
February is set to be significant for Cardano as CME Group is set to list futures contracts tied to $ADA on Feb. 9, pending regulatory approval.