Cardano’s Perfect Storm: Oversold RSI, 90% ETF Approval Odds, and $2 ADA Price Target Align

As Cardano’s consolidation intensifies, the 10th-largest cryptocurrency based on market capitalization might be eyeing a more than 120% increase.

Calling out this development, leading market analyst Javon Marks pointed out, “ADA, fairly fresh off of a recent breakout, still looks to be on track to have a significant upside move in the works, consisting of an over 120% surge. We continue to target $2+.”

Crypto analyst Lingrid is of a similar opinion that Cardano is gearing up for a bullish run as price continues to hold the $0.55-$ steadily.56 zone.

She noted, “ADA is testing a strong support zone after a prolonged downtrend, showing early signs of potential reversal. The price is stabilizing around 0.55–0.56, a zone that previously acted as a base for bullish impulse. A breakout above the descending target line could push price toward 0.68–0.70 in the short term.”

At the time of writing, Cardano was sitting at $0.58 with a daily trading volume of $353 million.

Cardano’s Open Interest Goes Through the Roof

Cardano futures traders have staked over $723 million in open interest, signaling growing conviction despite just a 0.99% daily uptick, according to CoinGlass data.

With favorable funding rates and leveraged positioning, the Cardano market sentiment is showing optimism.

This is because more traders, especially institutional investors, are entering ADA futures, signalling deeper market engagement. 

Therefore, the uptick in Cardano futures OI reflects significant confidence from large investors and traders betting on future price appreciation, which is being fueled by ecosystem growth, speculative momentum, and technical triggers. 

For instance, Cardano is already in oversold conditions, given that the Relative Strength Index (RSI) has dropped to the 23 level, indicating that an uptrend may be on the horizon.

Meanwhile, Bloomberg analysts recently speculated that the Cardano ETF approval rate stood at 90%, with an exchange-traded fund deemed a game-changer in the ADA ecosystem.