PONS Price Rises Amid Coinbase and Deribit Listing, Can It Reach $0.34?
Key Summary
PONS has surged 11% after listing on Coinbase and Deribit, with the token's price attempting to break through the resistance of its massive month-long falling wedge pattern. The listing has sparked high speculative trading, with the token's Open Interest on Hyperliquid growing to $33 million. However, the main catalyst remains support from Robinhood Chain, with CEO Vlad Tenev stating that the chain retained 94% of the spot flow, even though the listing was the main event.
Market Analysis
At press time, Pons [PONS] was up more than 11% in the last 24 hours after wiping out this week’s losses. In fact, it is now among the top trending tokens on the launchpad. Pons and Cash Cat [CASHCAT] are the only tokens on Robinhood Chain that have a market cap of more than $100 million. The two rebounded after debuting on both Coinbase and Deribit exchanges. Both Coinbase and Deribit listed PONS perps on their markets in select jurisdictions, leading to high speculative trading. The tokens were offered at a 25x leverage. For instance, Coinbase’s PONS/USD spot book did 5.1 million tokens in a few hours, which is roughly $1.80 million. All 30 PONS pools on Robinhood Chain did $27 million in volume. Right now, V2 Graduated Pools hold 50.5% of the volume share, while V1 and V2 Bonding Curves hold 25.9% and 23.6%, respectively. Additionally, the Open Interest (OI) of the token on Hyperliquid [HYPE] grew from $29.6 million to $33 million. This indicated that bulls were stacking the coin as the price was rising alongside the OI. On the other hand, the OI of CASHCAT on the same exchange was $23.50 million. However, the main catalyst remains support from Robinhood Chain, with CEO Vlad Tenev telling builders, The evidence is clear: The chain retained 94% of the spot flow, even though the listing was the main event. Such support could help the launchpad token recover. Especially as buybacks have dropped by 90%. Here, it’s worth noting that the platforms are giving early investors more distribution. These buyers put in $27.6 million, but they now hold just $1.66 million. On the 4-hour chart, the altcoin was still 64% below its all-time high (ATH) at press time. Its price was attempting to break through the upper resistance of the massive month-long falling wedge pattern at $0.3454. The bullish resurgence was also evidenced by the Bull Bear Power turning green, despite the weak momentum. The RSI at 53.96 also broke above the neutral level, reinforcing the return of market buyers. Therefore, breaking above the resistance would confirm the start of a recovery. Conversely, if the level is not breached, the crypto will face significant bearish pressure as price movements contract. Usually, contraction precedes expansion.