Cardano Volume Explodes as Short Squeeze Triggers 380% Surge
Crypto investors and analysts are abuzz over Cardano's (ADA) sudden price surge, which has seen its volume increase by a staggering 380%.
A multi-million dollar short squeeze is believed to have triggered the rally, with big-time crypto investors allocating 240 million ADA in just five days, according to Santiment blockchain explorer data. This influx of capital has led to Cardano's price increasing by 25%, allowing it to edge out Monero (XMR) and re-enter the top 15 by global market capitalization.
Prominent technical analyst Ali Martinez notes that this short squeeze has triggered a cascade of short-position liquidations on Futures markets, with Cardano's Open Interest bursting out in response. The altcoin has managed to hold onto its local bottom of $0.15 since mid-July and is now targeting the three-month price high of $0.28.