On-chain data from Coinglass reveals that traders are leaning bullish, with a Long/Short Ratio of 1.0167. Futures Open Interest for ADA has increased by 3% in the past 24 hours, continuing an upward trend since the start of September 2024. These signals indicate that traders are holding onto long positions, which could eventually lead to a price increase.
Despite the optimistic on-chain metrics, ADA's price remains stuck in its current range, hovering around $0.33. The broader bearish market sentiment, driven by uncertainties in the crypto space, has limited ADA’s upward movement. This stagnation reflects the cautious mood of investors who are waiting for stronger bullish indicators before making a move.
While the price may be stagnant, Cardano's community confidence remains strong. Winning Weiss Crypto’s survey for the best altcoin technology against Ethereum and Solana highlights the long-term potential of Cardano. The solid technological foundation gives hope that ADA will eventually climb higher in the altcoin rankings.
The overall crypto market sentiment stands at 49, according to the Fear & Greed Index, indicating a neutral but cautious outlook. While Cardano's future looks promising in the long term, analysts advise holding off on buying until clearer bullish trends emerge.