$CAKE is pushing higher, but the interesting part is happening underneath the price.

CAKE is at $2.48 (+3.11%), after climbing from $2.364 and reaching $2.544. The 15m structure shows a strong recovery followed by consolidation near the highs.

The overlooked fundamental: PancakeSwap has recorded 36 consecutive months of net CAKE supply reduction. In August, it burned 2.75M CAKE against 674K minted, producing a net reduction of about 2.07M CAKE.

Key levels:

Support: $2.42-$2.48

Resistance: $2.54

Below $2.42: momentum weakens.

The real test is simple: can CAKE turn this supply reduction and expanding PancakeSwap activity into sustained demand, rather than another short-term rally?

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