Despite a 17% drop over the past month, futures volume on BitMEX surged by more than 16,400%, hitting $44.15 million according to Coinglass. Meanwhile, ADA has managed to hold its key support zone between $0.30 and $0.35, and is currently trading near $0.40, still down 87% from its all-time high of $3.10. Price action remains tightly consolidated, with traders closely watching for updates on a potential spot ADA ETF. Grayscale has submitted an application, now under SEC review, but no official approval has been granted yet.
ADA saw a slight bounce this week after a sharp rejection below the descending trendline visible on the daily chart below. Price is now compressing after months of lower highs while volatility is contracting near historical demand. However, to complete a reversal, the nearest resistance should be cleared first. In the bullish case, the first resistance level sits near $0.70.
A daily close above that level opens the path toward the $1.30-$1.35 region. If momentum carries beyond that zone, the chart projects a longer-term extension toward $2. On the other hand, a very important support level stands at $0.30. A clean daily close below it would result in a major correction.
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