Cardano saw a 27,631.45% futures volume surge on the Bitmex exchange, sparking attention in the market.
According to CoinGlass data, Cardano futures volume rose 27,631.45% in the last 24 hours on the Bitmex crypto exchange, reaching $47.64 million.
This remains significant, being accompanied by an increase in open interest as it shows that derivatives traders are making moves in the market.
Open interest reflects the total number of outstanding futures or options contracts in the market, with an increase in open interest suggesting inflow of new money.
In the last 24 hours, Cardano’s open interest rose nearly 2% (negative the prior day) to $790.3 million.
At the time of writing, ADA was trading down 0.34% in the last 24 hours to $0.388 and up 0.45% weekly.
What’s next for ADA price?
Cardano (ADA) saw a strong run at 2026’s start, reaching a high of $0.4374 on Jan. 6. The climb allowed Cardano to surpass the daily MA 50 at $0.40 for the first time since early October.
However, this price increase has now been reversed, although not completely, with Cardano returning to trade below the daily MA 50. Cardano has marked four straight days of drop since Jan. 6, and will mark its fifth day if today ends in losses.
ADA’s price U-turn might not be far-fetched amid a continued void in liquidity and market depth across the altcoin market following a major liquidation event last October, which wiped out nearly $20 billion in leveraged bets.
If bulls regain momentum in the markets, ADA will try to reclaim the daily MA 50 at $0.4 as support. If this is achieved, Cardano might target the $0.65 level next, which might open the pathway toward $1.
The Cardano Constitution requires the establishment of a Net Change Limit (NCL) through a newly submitted proposal, which defines the maximum amount of lovelace that can be withdrawn from the treasury during an outlined period of time. The Net Change Limit will be 350,000,000,000,000 lovelace (350 million ADA), which is the maximum amount that can be withdrawn from the treasury during this specific period and shall not be exceeded.
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