PONS surged more than 10% in 24 hours despite significant selling pressure across perpetual and spot markets. Perpetual net flow was negative at approximately -$7.89 million, while spot market 24-hour net flow stood at -$1.64 million during the same period. The positive funding rate of 0.0032% and the 6% rise in open interest to $175.09 million indicated bullish positioning among traders. The liquidation heatmap shows a concentration of estimated liquidation levels above the current price, which could create forced buying pressure if the price rises further. Whether fresh demand can absorb the selling pressure remains the key challenge ahead.
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