Cardano (ADA) Nearly Doubles From Lows as Open Interest Signals New Positioning, Not Just Short Covering
- —ADA rose roughly 10% from Oct 3 to Oct 5, peaking above $0.27
- —Open interest in ADA climbed about 25% to $304 million over the same two days
- —Measured in coins, open interest still rose 13%, pointing to new positioning
- —Whale transactions above $100K hit 413 on Oct 5, about 2.2x the prior weekday average
Why it matters: Rising open interest and whale activity suggest genuine demand rather than a fleeting short squeeze, potentially supporting further upside for ADA.
Source: CryptoPotato