Cardano (ADA) is trading near $0.91 after analysts pointed to a possible breakout above $1, with one trader predicting a move to $2. The calls come as ADA futures activity reached its highest level in five months.
Analyst Ali said ADA could be breaking out of a triangle formation — a chart pattern where price squeezes into a tighter range before a decisive move. His near-term price target is $1.10, just above ADA’s current range.
Trader Jordan Vinugave a more ambitious outlook, arguing that ADA may not spend long at $1 before jumping quickly to $2. He described this as “teleporting,” meaning a sharp rise without much pause that could pull in retail traders chasing the rally.
At present, ADA price trades near $0.91 after being rejected once at $0.97, an important resistance level that lines up with the psychological $1 mark. Support lies at $0.85 and $0.80, while the Relative Strength Index (RSI) near 62 shows ADA has room to climb before reaching levels where traders often take profits.
Futures Activity Jumps While Exchange Inflows Increase
Data shows ADA futures volume rose to $6.96B, the highest in five months, while open interest dropped 8% to $1.71B. High volume shows heavy trading activity, but lower open interest means some traders closed positions instead of adding new ones.
Funding rates remain positive, meaning more traders are betting long than short. This can support price, but it also creates risk if ADA turns lower, since long positions can be forced to close. In the past 24 hours, about $8.69M of positions were liquidated, mostly on the long side.
Options activity has dropped sharply, showing traders are focusing more on futures to gain exposure to ADA.
On the spot side, exchanges recorded notable inflows. Upbit saw $14.3M move in over 24 hours, while Binance and Coinbase also received millions in deposits. When tokens move onto exchanges in size, it often means traders are preparing to sell, which can add pressure near the $1 resistance zone.
Cardano Network Usage is Rising, But Bitcoin Still Drives ADA
Cardano’s network activity has increased since July. Daily active addresses and transaction volumes are both higher, showing more usage alongside the recent price recovery. This makes the current rally look more supported than if it were only driven by derivatives trading.
However, ADA’s 30-day correlation with Bitcoin (BTC) is around 0.8. That means ADA still moves closely with Bitcoin. If BTC holds up, ADA has a better chance to advance. However, if BTC turns lower, ADA’s breakout attempt will likely fail regardless of its own setup.
Analysts are watching whether ADA can close above $1, which would strengthen the case for a move to $1.10. The more ambitious call for $2 depends on stable Bitcoin prices, balanced derivatives positioning, and continued growth in network activity. A drop below $0.85 would weaken the bullish outlook, while a fall under $0.80 could cancel it altogether.