Cardano (ADA) held onto most of its weekly gains, trading at $0.2158, up 1.61% on the session, despite a sharp drop in decentralized exchange (DEX) trading volume. Daily DEX volume on Cardano-based platforms reached $56 million on August 22, then fell roughly 98% to about $1 million, according to data from DeFiLlama. Futures open interest also declined from $582.14 million to $485.32 million, indicating some traders reduced positions. ADA remains above $0.20, having recovered from a low of $0.2075, while the key support area lies between $0.208 and $0.20.
Cardano’s price held most of its recent gains, but activity on its decentralized exchanges dropped as quickly as it spiked. ADA traded at $0.2158 at the time of writing, up 1.61% during the session, though it remained above $0.20 after falling from a recent peak near $0.258.
Daily trading volume on Cardano-based decentralized exchanges reached about $56 million on August 22, according to data from DeFiLlama. Over the following days, volume remained unusually high between $16 million and $32 million, but has since fallen back to roughly $1 million.
Comparing the highest day with the latest reading showed a decline of about 98%, but that does not mean normal Cardano activity suddenly collapsed. The chart showed that daily volumes generally remained below $5 million from April through the first half of August, making the recent activity an exceptional move that quickly faded.
Futures open interest also declined from $582.14 million on August 22 to around $485.32 million, suggesting that some traders reduced their ADA holdings after the price move. Cardano’s price climbed from around $0.175 before reaching $0.258 briefly, but that move was quickly rejected, and the price returned to the $0.21 area.
The latest chart does not show buyers abandoning ADA entirely. It has recovered from a low of $0.2075, while activity has settled after becoming overheated during the rally.
The first test lies between $0.208 and $0.20. Remaining above that area would preserve much of the recent recovery and leave room for another attempt at $0.228, but a fall below $0.20 would weaken that position and could return attention to the earlier trading area around $0.17.
