$FORM's Surge Faces Selling Pressure as Retail Traders Weigh Market
The cryptocurrency $FORM has seen a significant surge in demand over the past week, gaining nearly 14% in value. However, despite this rally, exchange-level activity indicates a shift in investor interest, with perpetual markets showing predominantly short volume.
Data from CoinGlass shows that sellers account for 53% of $FORM's volume, with approximately $174.6 million attributed to selling pressure. This is evident across all ten trading venues, including centralized and decentralized exchanges.
Retail traders have driven the rally over the past day, while whales have maintained their position in the market. However, the concentration of retail traders adds to skepticism that this group could offload accumulated buy-side positions.
Despite the selling pressure, spot buying remains active, with $15.65 million worth of $FORM purchased as of writing. This is the largest cumulative buy seen in the market in over 15 days, indicating continued accumulation.