Key Insights: Cardano price has added more than 20% in the weekly chart, indicating strong market confidence. ADA eyes rally to $2 as Cardano Futures Open Interest surged to $987 million. Charles Hoskinson confirms off-chain voucher sweep was a security measure to protect users. The weekly Cardano price surge of over 20% has caught the investors’ attention, as traders are shifting their focus towards the digital assets space. ADA is currently trading around $0.8185, showing a recovery from previous lows. Traders and analysts are now asking whether the coin can double its value and reach $2. Notably, this comes as open interest in ADA futures approaches $1 billion and Charles Hoskinson takes a strong position on past unredeemed voucher issues. Can Cardano Price Rally to $2? Cardano price is showing signs of a possible extended rally, driven by a strong technical setup and rising market confidence. The price has recently broken out of a long-term descending channel that was formed after reaching its all-time peak high of $3 in 2021. Since mid-2023, ADA has established higher lows and is currently trading above the $0.80 mark, which signals a trend reversal. The creation of the inverted head and shoulders pattern is an indication of the possible breakout target close to $1.137. However, in order for ADA price to break to $2, it has to break resistance at $0.837 and then break to $0.983. The level of $0.75 is a key support for the neckline of the pattern. Technical indicators like RSI have come back from the mid-point, and MACD is displaying bullish crossover signs. These signals indicate increasing buying pressure that would drive up the price. Source: TradingView If ADA sustains momentum and breaks above $1.00, the next target range is between $1.50 and $2.00. This depends on market sentiment and Bitcoin’s overall trend. Charles Hoskinson Addresses Voucher Sweep Concerns Charles Hoskinson, Cardano’s founder, has again responded to questions about unredeemed Genesis UTXO vouchers. He explained that the decision to move the voucher process off-chain was aimed at security. The team feared that on-chain broadcasts would alert scammers and put original buyers at risk. Hoskinson said, “We chose not to make a public broadcast for security reasons. We contacted voucher holders directly.” This response came as speculation resurfaced regarding the fairness of the process and whether affected users were notified. According to Hoskinson, communication was kept private to avoid exposing users to phishing attacks. The statement has helped restore some community trust at a time when market confidence is crucial. The voucher topic has long been a source of concern for some investors. By reasserting Cardano’s commitment to compliance and transparency, Hoskinson is working to reduce market doubt. Besides, it has also fueled speculations over this development’s potential impact on Cardano price ahead. Open Interest and Funding Rates Hints at Cardano Price Rally Ahead Open interest in Cardano futures has reached $987 million, approaching the $1 billion mark. This represents a 6.61% increase in 24 hours, despite lower spot trading volume. It shows that traders are entering new positions in anticipation of further Cardano price movement. The funding rate has risen to 0.0141%, which indicates that traders holding long positions are paying those on the short side. This trend is usually an indicator of greater buying demand within the market. The rate has been positive since the beginning of April and continues to grow, which confirms the fact that traders expect the prices to increase. Source: CoinGlass The data on trading also reveals a significant growth rate of the long/short ratio. On Binance, a long-to-short ratio for top trader accounts exceeds 3.1, and on OKX, it is higher than 2.0. These metrics show professional traders are hugely biased in favor of long-term holding gains. Market Structure and Sentiment Indicate Room for ADA’s Growth ADA’s current configuration is an example of accumulation, and the level of $0.60 is now the support. Prices have broken past that level and are now holding above $0.80, which was a key resistance level earlier. If Cardano price can close above $0.90 and break through $1.00, then momentum may continue toward the $1.50–$2.00 range later in 2025. The volume has cooled slightly, but this is often seen after strong price movements. This phase may represent a period of consolidation before another breakout. Liquidation data also shows that the most recent losses have affected short positions, adding potential for a short squeeze in the near term. Over the last 24 hours, more than $2.2 million in positions were liquidated. Shorts made up the bulk of this, showing that upward pressure still exists. Longs are beginning to see liquidations as well, which could be linked to volatility or profit-taking after the recent rise.