While most altcoins are moving sideways, Cardano (ADA) is showing fresh bullish signals. On June 9, ADA’s futures open interest spiked to $833 million, its highest level since February, according to Coinglass. This sudden surge suggests large traders—likely whales—are placing leveraged bets on a price recovery. But what does this mean for ADA in the short term?
Let’s break down what’s happening behind the scenes, and why whale accumulation in the derivatives market could be the trigger for ADA’s next breakout.
Cardano Futures Hit $833M – What It Means
The futures open interest on ADA refers to the total value of outstanding contracts that haven’t been settled. A spike in this metric, especially paired with price stability, often signals speculative confidence. It means traders are opening more positions, betting on future price movement—usually upward if paired with increased funding rates and low volatility.
Source: Coinglass
As of June 9, the ADA futures market reached $833.88 million, as shown in the chart. This level hasn’t been seen in months, and suggests renewed institutional interest or whale-driven positioning.
Such open interest growth tends to precede volatility, meaning a major move could be ahead.
Price Chart Analysis – Bullish Divergence Emerging?
Despite the optimism in the futures market, the ADA spot price is still consolidating around $0.66, as shown in the daily chart. After a strong rally in early May, ADA has entered a retracement phase. But volume levels have stabilized, and price is now testing a potential higher low formation.
Source: Tradingview
This could lead to a bullish divergence if price remains flat while open interest continues rising. Historically, this has been a reliable signal for ADA, especially when followed by a breakout above local resistance.
Final Thoughts: Will Whales Drive ADA to $0.80 Again?
While it’s too early to confirm a full reversal, the current setup is textbook pre-pump behavior. Futures interest is up, volatility is low, and spot prices are compressing. These are the exact conditions that often trigger short squeezes or whale-led pumps.If momentum continues and ADA breaks above $0.72, a move to $0.80–$0.85 is on the table for June.
