Backpack surged over 43% in the past 24 hours, reaching a new peak of approximately $1.3994, driven by a broader resurgence in the real-world asset (RWA) sector. Short liquidations outpaced longs by 73 times, amplifying the uptrend. Total assets deployed on the Solana-based protocol hit a new high of $604.75 million, while asset holders grew by 204% to surpass 242K. Monthly token trading volume surged by 175% to roughly $157 million. However, technical indicators suggest a correction phase ahead, as the CMF dropped from 0.40 to negative 0.08, signaling capital outflows with notable selling pressure above $1.30.
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