Why Did $ON Crash After the Huge Pump? Here’s the Latest News
Yesterday’s ON rally turned into a brutal reversal, and the pressure is still not over.
ON jumped as high as $0.3136 before falling to $0.1362 within roughly five hours. Futures open interest surged during the rally and then collapsed as the price reversed, which points to heavy leverage getting flushed out rather than one major negative project announcement.
I checked Orochi’s latest updates, and there is no major fresh bad news from the project today.
In fact, Orochi published a new update on November 9 explaining its focus on verifiable data infrastructure for RWA, stablecoins, capital markets and on-chain credit.
But there are two things traders should know.
The Binance Alpha ON trading competition ended on November 5, so that temporary trading incentive is already gone.
And the next token unlock is scheduled for November 24, with around 12.35 million ON set to unlock. An unlock does not mean those tokens will be sold, but it can still create uncertainty after a highly speculative move.
$LINK is also worth watching because both projects are connected to the wider on-chain data infrastructure narrative, although they work differently.
So right now, this looks less like bad project news and more like yesterday’s overleveraged pump unwinding.
ON showed how fast hype can push a small token up.
Now we’re seeing how fast that same leverage can work in reverse.
Yesterday’s ON rally turned into a brutal reversal, and the pressure is still not over.
ON jumped as high as $0.3136 before falling to $0.1362 within roughly five hours. Futures open interest surged during the rally and then collapsed as the price reversed, which points to heavy leverage getting flushed out rather than one major negative project announcement.
I checked Orochi’s latest updates, and there is no major fresh bad news from the project today.
In fact, Orochi published a new update on November 9 explaining its focus on verifiable data infrastructure for RWA, stablecoins, capital markets and on-chain credit.
But there are two things traders should know.
The Binance Alpha ON trading competition ended on November 5, so that temporary trading incentive is already gone.
And the next token unlock is scheduled for November 24, with around 12.35 million ON set to unlock. An unlock does not mean those tokens will be sold, but it can still create uncertainty after a highly speculative move.
$LINK is also worth watching because both projects are connected to the wider on-chain data infrastructure narrative, although they work differently.
So right now, this looks less like bad project news and more like yesterday’s overleveraged pump unwinding.
ON showed how fast hype can push a small token up.
Now we’re seeing how fast that same leverage can work in reverse.
