ADA’s token on the blockchain has absolutely skyrocketed almost 100% since that grim multi-year low under $0.14 back in late June when the FUD was spreading like a dark curse. 💀 The asset just tagged a fresh multi-month high over $0.27 and Santiment data screams this rally was more than some quick short cover rn. 😈
Fresh Levs Slipping In 🖤
The crypto intel crew pushed back on the squeeze story after spotting ADA open interest jump 25% across those same two days up past 300 million even as the price climbed 10% toward 0.27 and marked its strongest daily close since early April. 📈 This surge was no mere dollar price trick either cause open interest still rose roughly 13% when measured straight in ADA coin which means fresh leveraged bets were flooding in as the move heated up. 🐋 Santiment clocked 314 whale transfers above 100000 on October 5 hitting around 2.2 times the prior month weekday norm. The tweet below drops more deets on why this was new positioning not just a squeeze.
Was $ADA’s rally really a short squeeze?
Some coverage said so, pointing to falling open interest. Santiment’s daily closes show the opposite.
$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
Short covering probably helped a bit tho but funding rates flipping from their lowest negative in a month on October 2 to positive shows it was not the main driver. 🌑
Even Wilder Pump Loading? 🔮
While ADA crushed most other large cap alts this past week Crypto Patel stays mega bullish on the bigger picture and thinks the token sits roughly 98% above his last accumulation zone with a macro expansion phase incoming. 🚀 His long term calls look spicy at 0.50 1.00 2.00 3.00 even 5.00 especially if the bigger structure plays out and he highlighted the 2.00 to 5.00 area in particular. His take is giving serious next leg vibes lol. 🤑
Just another echo from the void by iconofsin.eth 💖
