$PONS Surges 17% Amid Violent Short Squeeze
The PONS coin price has surged by 17% in just one day, leaving many in the crypto community wondering what's behind this sudden rise. The $PONS token was heavily shorted, but as prices shot up, those who bet against it found themselves facing significant losses.
According to data from CoinGlass, a total of $620,090 worth of $PONS was liquidated over the past 24 hours, with shorts accounting for $395,760 of that amount. This indicates that traders betting against the move got forced out as prices ran higher.
The rally is not without its challenges, however. As long as $PONS holds above support and stays within its current structure, the trend favors continuation. However, if it fails to clear resistance at $0.52397, the breakout may be in doubt.
Analysts from CoinGabbar suggest that the liquidation data backs up the price action, with shorts getting forced out and potentially leading to some follow-through. However, they also caution that position size should reflect the significant volatility of $PONS compared to Bitcoin.