PONS token surged more than 11% over 24 hours, recovering losses from earlier in the week following its listing on Coinbase and Deribit exchanges. The token is now among the top trending tokens on its launchpad platform.
PONS and Cash Cat are the only two tokens on Robinhood Chain with market capitalizations exceeding $100 million. Both rebounded after their debuts on the two major exchanges.
Exchange Listings and Trading Activity
Coinbase and Deribit listed PONS perpetual contracts in select jurisdictions, offering 25x leverage and generating significant speculative trading volume. Coinbase's PONS/USD spot book processed 5.1 million tokens worth approximately $1.80 million in a few hours. Across all 30 PONS pools on Robinhood Chain, trading volume reached $27 million.
Open Interest on Hyperliquid grew from $29.6 million to $33 million, indicating increased bullish positioning as prices rose. Cash Cat's Open Interest on the same platform stood at $23.50 million.
Market Structure and Price Action
On the 4-hour chart, PONS remained 64% below its all-time high at the time of reporting and was attempting to break through resistance at $0.3454, representing the upper boundary of a month-long falling wedge pattern.
Technical indicators showed the Bull Bear Power turning positive and the RSI rising above the neutral 50 level at 53.96, suggesting a return of buying pressure despite weak momentum overall.
Breaking above the resistance level would confirm the beginning of a recovery. If the token fails to breach this level, it could face significant bearish pressure as price movements contract.
