PancakeSwap (CAKE) surged 13% to reach a 9-month high of $2.28, successfully breaking above the $2 resistance level. Trading volume increased by 110% while turnover reached a record high of $25 million, indicating strong market participation. The token has experienced 34 consecutive months of deflation, with supply reduced by 53 million CAKE (14.5%). Open interest on derivatives markets rose 39% to $51 million, with Binance traders showing a Long/Short ratio of 3.7. Technical indicators suggest continued bullish momentum, with CAKE potentially targeting $3 if it holds above the $2 support level.
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