VELVET surged 24% in one day, with Open Interest rising 32% to $23.8 million. Short liquidations reached $202,400, roughly four times the $59,100 recorded in long liquidations, indicating a strong imbalance in favor of buyers. Trading volume has remained at monthly highs for five consecutive days. The token is holding above all key exponential moving averages, with $1.75 emerging as the primary resistance level that buyers are targeting.
Source: Read the original article
