Upbit Listing Ignites O's Trading Frenzy: Can Bulls Sustain Momentum?

o1.exchange's token, O, saw a significant surge in price after listing on Upbit, South Korea's largest exchange. The listing introduced O trading against KRW, Bitcoin (BTC), and Tether (USDT), granting the token exposure to a broader retail and institutional audience.

The 24-hour trading volume reached $74.83 million, up 29.92%, with the volume-to-market-cap ratio climbing to 70.71% according to CoinMarketCap data. This strong trading activity was driven by the initial listing excitement, but it remains to be seen whether this momentum will sustain.

Despite a price retreating to $0.6460 after an intraday peak near $0.853, buyers continue to absorb sell pressure instead of abandoning the breakout entirely. However, the recovery remains shallow as O has yet to reclaim the stronger $0.681-$0.694 resistance cluster.

The derivatives market turned cautious, with funding rates flipping sharply negative and short sellers dominating positioning despite the price holding near $0.64. This divergence suggests conviction remains divided, leaving it uncertain whether spot demand will absorb growing bearish bets or persisting negative funding will strengthen downside pressure.