PONS is leading in terms of market share among Robinhood Chain launchpads. The launchpad’s native token was in a correction phase after an uptrend, which appears to have ended, gauging the most recent performance.
In the past 24 hours, PONS surged by more than 16% as of press time, with daily trading volume surpassing $155 million. Here is why the altcoin was able to go above the crucial zone at $0.70.
Analyzing changes in PONS’ fundamentals
On top of institutional accumulation as reported earlier, PONS held above the $0.70 zone, thanks to its growing network activity.
The fundamentals for the largest Robinhood Chain launchpad have gone vertical in the past few days despite Solana [SOL] chain resurgence. Solana Chain returned to the spotlight as its Stonk launchpad surpassed PONS in 24-hour revenue.
Moreover, new tokens launched on the platform hit a new daily peak of 36.4K with a volume of $622 million. As a result, total volume traded on PONS hit $10 billion.
Its daily revenue remains firmly above $1.30 million, even as hype around Robinhood Chain cools off. PONS’ market share among Robinhood launchpads activity is at 82.5%, a new all-time high (ATH).
This revenue is deposited in the buyback wallet for the platform. As of now, the wallet is at an ATH of $3.40 million, with still $1.66 million sitting in the unclaimed escrow.
The capital in the buyback wallet will be swapped into PONS and burned, thus creating scarcity. Interestingly, this capital is being replenished faster than it can be exhausted.
Can activity push PONS past the bull flag?
Technically, PONS is trading around the resistance of a bull flag, a continuation pattern. This is after holding above $0.70, which aligned with the mid-level of the descending trend channel.
However, the Choppiness Index (CHOP) is rising to 53, hinting the market is consolidating. The small green bars of the MACD reinforce this view, showing a lack of enough buyer momentum inside this price range.
But a break past this bull flag above $0.85 would expose its $1 billion valuation predicted earlier. Otherwise, the correction face would persist and even break down the $0.70 support.
Therefore, PONS still trades 22% below its peak level of $0.98, suggesting the next leg up could put the token valuation above $1.
Final Summary
- PONS rallies over 16% as fundamentals of the launchpad go vertical during the token’s correction phase.
- PONS’ bulls defended the crucial $0.70 level inside a bull flag but are now facing a key test at the pattern’s resistance.