PONS gained more than 10% over the past 24 hours, though selling pressure accompanied the advance as the broader crypto market retreated.
The rally occurred despite negative net flows across both trading venues. Perpetual markets recorded approximately −$7.89 million in net inflow over the period, while the spot market showed −$1.64 million, indicating that selling volume exceeded buying volume.
Bullish Indicators Support Price Action
Derivatives data suggested continued appetite for long positions. The funding rate stood at a positive 0.0032%, meaning long traders paid shorts—a signal typically associated with bullish sentiment. Open interest also rose roughly 6% to $175.09 million, reflecting expansion in outstanding derivatives exposure.
The combination of positive funding and rising open interest indicated sustained bullish positioning, though this did not confirm whether all new contracts were long positions.
Liquidations and Price Volatility
The liquidation heatmap revealed a concentration of estimated short-liquidation levels above the current price. If PONS climbed into those zones, forced closures of short positions could generate additional buying pressure and extend the move higher.
However, concentration of liquidation levels alone offered no guarantee that prices would reach those thresholds. Lower liquidation clusters remained, creating potential for downside volatility if selling intensified.
Near-Term Outlook
PONS faces competing pressures. Bullish positioning and potential short liquidations support continued upside, while negative net inflows challenge the rally's buying support. The immediate test remains whether fresh demand can absorb ongoing selling volume and sustain the 10% advance.
