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Cardano (ADA) breaks new high: Data shows it's not just short covering

2026-10-06 21:31:42

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Cardano (ADA) token prices soar: Data reveals it's not just short covering

Since hitting a multi-year low of below $0.14 at the end of June, the price of native tokens on the Cardano blockchain has soared nearly 100%. Previously, negative rhetoric (FUD) surrounding the agreement spread like wildfire. Recently, the asset has hit multi-month highs above $0.27. Sanitation data shows that this trend cannot be simply attributed to short covering.

New positions are entering

The Cryptocurrency Intelligence Resource Agency questioned the concept of "short squeeze" when it found that ADA Open Interest actually increased by about 25% to more than $300 million in two days. During this period, underlying asset prices rose 10% to exceed $0.27. At the time, the token hit its highest daily closing price since early April.

This growth is not just due to the rise in asset dollar prices. Even denominated in ADA, open interest climbed about 13%. This suggests that traders are adding new leveraged positions as the market progresses. Sanitation also noted that there were 314 whale transactions worth more than $100,000 on October 5, about 2.2 times the average weekday for the previous month.

Still, short covering may have played a role, but it is not as important as originally thought. The funding rate reached its most negative level in the past month on October 2, and then turned positive. However, Santime emphasized that usually short covering reduces open interest rather than increases it.

Is the rebound in $ADA really a short squeeze?

$ADA rose ~10% from Oct 3 to Oct 5.

Open interest rose ~25% over the same two days, to $304M, its highest daily close since at least early April.

Measured in coins rather than dollars, open interest still rose ~13%, so this is new positioning, not just a higher price.

Whale transactions ($100K+) hit 413 on Oct 5, about 2.2x the Sep 7 to Oct 2 weekday average.Social volume on Oct 5 sat at ~1.1x that same baseline.Some short covering likely helped: funding hit its most negative reading of the past month on Oct 2, then flipped positive. But covering shrinks open interest, it doesn’t grow it.The headline said squeeze, the open interest says leverage.

Explore ADA open interest in Sanbase: https://t.co/LOdcbV2HOB— Santiment Intelligence (@SantimentData)October 6, 2026

更大的行情即将到来？

尽管在过去一周中，ADA的表现优于大多数其他大型山寨币，但Crypto Patel对其长期前景依然看好。在最近的一份分析中，他指出该代币的价格比他之前的积累区高出约98%，并相信它可能进入下一个宏观扩张阶段。

他对长期的目标非常乐观，分别为0.50美元、1.00美元、2.00美元、3.00美元，甚至5.00美元。如果更广泛的结构继续发展，他特别关注2.00美元至5.00美元的区间。

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