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Why is GWEI up 18% today? U.S. volume, short squeeze risks & more…

GWEI surged 18% in the past 24 hours, significantly outperforming the broader crypto market. The rally was primarily driven by U.S. investors, who accounted for about 12.59% of the token's total trading volume, pushing daily volume to $2.09 million. While spot market sell pressure has thinned, indicating holders' confidence, perpetual futures data presents a more cautious picture. The open-interest-weighted funding rate turned negative to -0.38%, suggesting significant short positioning. This dynamic raises the possibility of a short squeeze, where a price rise could force short sellers to cover, amplifying upward moves. Although momentum currently favors the upside, liquidity clusters above the current price indicate potential resistance levels, while thin order depth below leaves some downside risk.

ambcryptoAyer 19:02