Key takeaways:
ADA technical chart setups converge on a price target around $1.25.
Cardano’s open interest has rallied to a record high of $1.95 billion, signaling high speculative interest.
Cardano ( ADA ) is flashing multiple technical and onchain signals, suggesting that a rally to $1.25 is possible over the next few days or weeks. Here are several charts making the case for a near-term breakout.
ADA price symmetrical triangle targets $1.25
Data from Cointelegraph Markets Pro and TradingView showed Cardano’s price trading within a symmetrical triangle in the daily time frame, as seen in the chart below.
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The price needs to close above the upper trendline of the triangle at $0.925 to continue the upward trajectory, with a measured target of $1.25.
Such a move would bring the total gains to 38% from the current level.
The relative strength index has increased from 40 to 55 since early August, suggesting a steady build-up in bullish momentum.
Cardano’s cup-and-handle aims for $1.20
ADA’s price is also seeking a breakout from a cup-and-handle pattern on the four-hour chart, as shown below. Bulls will now attempt to push the price above the pattern’s neckline at $0.96, confirming a bullish breakout.
If this happens, Cardano could rise toward the measured target of the prevailing chart pattern at $1.20, representing a 32% rally from the current price.
As Cointelegraph reported , ADA needs a decisive break above $0.94 to gain momentum for a push toward $1.25.
Cardano’s open interest hits new highs
Cardano’s open interest (OI) in futures markets hit an all-time high of $1.95 billion on Sunday, signaling strong speculative interest in the derivatives market.
Such high demand suggests that more traders are betting on ADA’s upward trajectory, potentially amplified by ETF speculation .
The chart above shows that Cardano’s OI has jumped 22% in the past 12 days, suggesting increased demand for leveraged ADA positions.
A surge in OI often precedes significant price moves, as seen between June and mid-August when ADA price nearly doubled following a 150% rise in OI.
A spot Cardano ETF is also looking more likely, with approval odds rising to 90% on Friday from 59% on Aug. 6, according to Polymarket.
As Cointelegraph reported , multiple technicals and onchain indicators make a strong case for an ADA price rally toward $2 or even higher, once the $1 psychological resistance level is decisively broken.
