Short sellers caught off guard
When a token's price jumps like this, it doesn't take much to trigger a cascade. Short sellers, who borrowed the asset hoping to buy it back cheaper, suddenly find themselves on the wrong side. They need to buy back to close their positions, and that buying pressure just adds to the rally.
That's what played out here. The move accelerated as bears were forced to cover, turning a sharp rally into a full-blown squeeze. For those who were short, the pain was immediate. The speed of the move suggests a fair number of traders were positioned the wrong way, and they're now scrambling to adjust.
The $1.75 line in focus
The $1.75 level has become the focal point of the chart. It's a round number, which tends to attract limit orders, and it sits near the token's recent trading range. That makes it a natural spot for traders to make decisions.
So far, the price has stalled around that mark. Whether it acts as
