#pons is up over 10% in 24 hours, but selling pressure is also significant.
There was a $7.89 million net outflow from perpetuals and a $1.64 million net outflow from spot, showing that sellers clearly outnumber buyers.
But the bulls are still in the game: the funding rate is 0.0032%, and OI is up 6% to $175 million, so leveraged funds haven't pulled out.
Now it all comes down to whether buying pressure can absorb the selling pressure.
If it can, short liquidations could continue to drive the price higher; if not, these gains could be wiped out.
PONS is simple right now: the bulls are trying to push it up, while the bears are pushing it down.
There was a $7.89 million net outflow from perpetuals and a $1.64 million net outflow from spot, showing that sellers clearly outnumber buyers.
But the bulls are still in the game: the funding rate is 0.0032%, and OI is up 6% to $175 million, so leveraged funds haven't pulled out.
Now it all comes down to whether buying pressure can absorb the selling pressure.
If it can, short liquidations could continue to drive the price higher; if not, these gains could be wiped out.
PONS is simple right now: the bulls are trying to push it up, while the bears are pushing it down.