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Cardano (ADA) appears set to cross the $1 level as bullish sentiment remains high on the market. Notably, ADA has recorded an impressive surge in its open interest.

Cardano open interest surges amid ADA’s bullish path to $1

According to CoinGlass data, a crypto analytics platform, the Cardano open interest has increased significantly by 15% in 24 hours. Futures traders have committed 848.99 million ADA, worth over $761 million.

The open interest metrics have jumped by more than 6.49% within the last four hours alone. This happened despite ADA losing a few gains after it had reached $0.9281 in earlier trading. This suggests that investors remain confident in the project as the bull market continues.

Analysis of the open interest action shows Binance and Bybit dominating the exchanges with 33.3% and 31.65%, respectively. Binance opened 282.62 million ADA coin positions, valued at $253.62 million, while Bybit registered 268.98 million ADA units, valued at $241.06 million.

With the soaring open interest and broader bullish sentiment from investors, it appears likely that Cardano’s ride to $1 could happen this season.

ADA is trading at $0.8954, a significant 11.6% rally in 24 hours. Market volume has surged by an impressive 50.73% to $4.13 billion. This indicates sustained interest in ADA as it seeks to make a historic mark in the ongoing bull season.

Other factors boosting investor confidence

Other external factors, such as the anticipation of Cardano joining the exchange-traded fund (ETF) race, could be aiding the coin’s performance. According to an earlier U.Today report, ETF analyst Nate Geraci has predicted that issuers might file for Cardano ETF products soon.

This prediction is optimistic, given ADA’s recent price performance and several network upgrades to the blockchain. The protocol recently hit a milestone of 2,600 days of uninterrupted operations, highlighting its increased stability.

Members of the Cardano community were impressed by the achievement, as it suggests that the various upgrades to the chain have paid off.