Cardano Price Eyes $10 Rally as ADA Open Interest Jumps Seven-Month High

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bullish:

bearish:

Cardano’s native cryptocurrency ADA ADA $0.90 24h volatility: 0.2% Market cap: $33.11 B Vol. 24h: $2.57 B continues to grab the limelight as it eyes a potential breakout past $1.0.

Amid a 21% weekly rally, ADA reclaimed the eighth spot in the top ten cryptocurrencies, surpassing Tron TRX $0.35 24h volatility: 0.3% Market cap: $32.96 B Vol. 24h: $1.08 B and Dogecoin DOGE $0.22 24h volatility: 3.0% Market cap: $32.51 B Vol. 24h: $2.72 B .

The daily trading volume is also up by 18% to $2.46 billion, suggesting strong bullish sentiment among traders.

Cardano Eyes $10 Breakout

After recently crossing $1 for the first time in five months before pulling back, Cardano is eyeing a potential breakout that could set the stage for a 10x rally toward $10.

Crypto analyst Crypto Patel noted that ADA could be gearing up for a major breakout, potentially reaching double-digit price levels this cycle.

According to the analyst, ADA recently rebounded from a strong high-timeframe (HTF) demand zone, showing a strong bounce back from the key support.

The overall market structure remains bullish, with liquidity positioned above current levels.

Analyst Crypto Patel stated that if momentum continues, ADA could target $10 and beyond, emphasizing that “$10+ is not a dream—it’s on the chart.”

Is $ADA Ready for a Breakout to $10 and Beyond?

Price has rebounded from a strong HTF demand zone, flipping key support into a launchpad. Structure stays bullish with liquidity resting above.

If momentum holds, #ADA eyeing double-digit targets this cycle. $10+ is not a dream,… pic.twitter.com/mXNDjCFsU6

— Crypto Patel (@CryptoPatel) August 18, 2025

In the near term, the daily chart confirms a bullish setup, highlighted by a recent Moving Average Convergence Divergence (MACD) crossover, where the 12-day EMA has moved above the 26-day EMA.

This indicator suggests momentum is tilting in favor of buyers, increasing the likelihood of an extended ADA rally. If this trend persists, Cardano could break through resistance at $1.04.

A successful breakout may pave the way for the next target near $1.60, provided that buying pressure continues to build.

ADA’s price action. | Source: TradingView

ADA Open Interest Jumps 7-Month High

Cardano’s open interest (OI) peaked at $1.13B today, its highest since January, after rising steadily, following a July dip of 9.48% from long position closures.

The sharp increase in OI indicates rising trader participation and speculative demand, potentially fueling further price gains for ADA.

If ADA’s OI continues to rise, Cardano could break above $1 for the first time since March.

However, rising OI also increases risk: if sentiment turns bearish, a wave of long liquidations could cause a sharp pullback.

Cardano futures open interest chart. | Source: Glassnode

TOKEN6900 Crosses $2.2 Million in Funds Raised

Amid the Cardano price rally, TOKEN6900 is emerging as a popular crypto presale in the market, with its total funds raised crossing $2.2 million.

Token6900 is a meme coin with no intrinsic utility but strong memetic appeal, inspired by SPX6900.

Its presale takes a satirical jab at traditional finance (TradFi) and late-stage capitalism, echoing the irreverent tone common in crypto culture. The funding round is hard-capped at $5 million and will close once this target is reached.

Positioned as a standout in 2025’s ICO wave, TOKEN6900 is currently available at a discounted rate through its ongoing presale. Early participants can secure tokens now before prices potentially rise significantly on the open market.