PONS has extended its total drawdown from its all-time high to 71% over a correction period lasting nearly six weeks, during which the token fell from $0.9725 to $0.2897. The token dropped more than 17% in the past 24 hours and slipped below a $200 million market cap for the first time since August.
Network Activity Fades Across Robinhood Chain
Activity on Robinhood Chain has declined significantly. Network fees fell from a maximum of $11.42 million to $595,000, representing a 95% decline. Average daily DEX volumes dropped from $173 million to $8.95 million, indicating substantially lower network usage across the Layer 2 chain.
Tokens launched on the chain, including Cash Cat, Artificial Inu, and BONER, have experienced drawdowns exceeding 10%. Trading volume data showed 54% seller-biased sentiment, with $134 million in sell volume against $114 million in long positions.
Mixed Signals on Price Direction
Despite weak network metrics, some buying interest has emerged. The Long/Short ratio across exchanges moved above 1.41, suggesting retailers, whales, and smart money were showing bullish positioning. However, whale positioning varied by exchange, with an extremely bearish ratio of 0.70 on OKX compared to 1.99 on Binance.
Technical indicators showed the Stochastic Momentum Index in oversold territory at negative 82, while the Choppiness Index declined to 36.86, confirming strong bearish strength. The token was approaching the 0.786 Fibonacci Retracement level at $0.229.
For price recovery to materialize, buying volume would need to exceed short volume, and the price would need to flip the supply zone at $0.388 into support.
