Many people see $PONS 's -59.85% as a sign that it has “fallen enough,” figuring that after dropping by more than half from its ATH of $0.97 to $0.39, there’s limited room left to fall. This is the easiest point to misread in this cycle: its candlestick chart looks oversold, but when you break it down, it looks more like an orderly withdrawal of capital.
30 days ago, $PONS stood at $0.845; today it’s at $0.3899, down 58.3%. If you look only at price, this is panic selling. But look at trading volume: $231M on September 7, versus $28.61M on October 6—a drop of nearly 88%. This isn’t panic; there’s simply no one stepping in to buy. Panic usually comes with a surge in volume as positions are rapidly flushed out, while drying-up volume means existing capital is continuing to withdraw, with prices simply drifting lower in its wake.
What concerns me more is the 7d decline of -27.59%, while the 24h loss has narrowed to -2.12%—bulls and bears are currently battling it out. Dip buyers are testing support in the $0.36–0.39 range, but buying pressure is too weak to even push a rebound.
The key figure to watch is $28.61M: if trading volume stays above this level and price rises along with it, the downtrend may at least stabilize in the short term. If volume shrinks further to below $20M, then the “bottom” may just be halfway down the mountain. Both bulls and bears should keep $28.61M in view and answer one question: Why do you think this level of volume can sustain a market cap of $265M?
30 days ago, $PONS stood at $0.845; today it’s at $0.3899, down 58.3%. If you look only at price, this is panic selling. But look at trading volume: $231M on September 7, versus $28.61M on October 6—a drop of nearly 88%. This isn’t panic; there’s simply no one stepping in to buy. Panic usually comes with a surge in volume as positions are rapidly flushed out, while drying-up volume means existing capital is continuing to withdraw, with prices simply drifting lower in its wake.
What concerns me more is the 7d decline of -27.59%, while the 24h loss has narrowed to -2.12%—bulls and bears are currently battling it out. Dip buyers are testing support in the $0.36–0.39 range, but buying pressure is too weak to even push a rebound.
The key figure to watch is $28.61M: if trading volume stays above this level and price rises along with it, the downtrend may at least stabilize in the short term. If volume shrinks further to below $20M, then the “bottom” may just be halfway down the mountain. Both bulls and bears should keep $28.61M in view and answer one question: Why do you think this level of volume can sustain a market cap of $265M?