Crypto markets rose on Wednesday even as Bitcoin and precious metals rallied, paving the way for significant gains across the altcoin sector.
In this light, Cardano surged nearly 8% as several altcoins posted significant gains. Amid the market surge, $684 million worth of leveraged crypto futures bets have been liquidated over the last 24 hours, with bearish bets accounting for most of the figure.
According to CoinGlass data, shorts liquidation came in at $579 million as bearish traders were obviously caught unawares by the surge in prices. Open interest (OI) in futures tied to major cryptocurrencies has increased.
In particular, Cardano’s open interest has risen by 13% in the last 24 hours, according to CoinGlass data, reaching $849.89 million.
Open interest reflects the amount of unsettled positions, reflecting liquidity and traders’ participation in the derivatives market.
Cardano price action?
Cardano saw a sharp surge on Tuesday, rising from $0.384 to $0.426, as the broader crypto market experienced a short squeeze-fueled rally, with analysts pointing to the move as a rebound from oversold conditions.
Cardano declined from a high of $0.4374 on Jan. 6, marking six out of seven days in losses. Cardano returned again below the daily MA 50 at $0.396 following the drop, having traded below here since October.
Cardano rose to $0.426 on Jan. 13, returning above the daily MA 50. It will now be watched to see if Cardano holds above this level to convert it into support to continue its climb.
The next resistance targets for the ADA price are at $0.44, $0.48 and $0.55. The daily MA 200 at $0.64 serves as the next major barrier for the ADA rally which, if broken, might open the pathway toward $1.
Based on recent data, Cardano Market Dominance has increased by 16.58% since the beginning of 2026, which remains positive for its price action.
Source: https://u.today/849980000-in-24-hours-cardano-13-open-interest-surge-stuns-bears
