Backpack [BP] Surges 43% in 24 Hours Amid RWA Sector Rally

Backpack [BP] rallied more than 43% over the past 24 hours, bringing weekly gains above 121% and reaching a new peak value of approximately $1.3994. The token led other cryptocurrencies in social sentiment during this period.

The surge coincided with a market-wide resurgence in real-world asset (RWA)-themed coins. According to CoinGecko, other RWA tokens including Ondo Finance [ONDO] and Quant [QNT] grew over 25% during the same timeframe.

Perpetual market activity also contributed to the price movement, with short liquidations spiking to 73 times larger than long liquidations.

On-Chain and Trading Metrics

Total assets deployed on the Solana-based protocol reached a new high of $604.75 million. Over the past week, the average daily asset transfer count reached 1 million, while asset holders surged by 204% to exceed 242,000 addresses.

Monthly token trading volume increased by 175% to approximately $157 million. Daily volume quadrupled from $7 million to over $29 million. However, monthly DEX trading volume declined by 12%, remaining at $1.10 billion.

Technical Outlook

Technical indicators suggest potential momentum loss following the new peak. The Bull Bear Power indicator reflected declining buyer momentum, while the Chaikin Money Flow indicator declined from 0.40 to negative 0.08, indicating capital outflows from the token.

BP has been respecting a rising trendline support over the past eight days while trading above $1.00. Selling pressure appeared concentrated above the $1.30 level, where multiple wicks suggested resistance from aggressive sellers.