⭕ Caldera's (ERA) price dropped 1% in 24 hours due to post-airdrop sell pressure and derivatives market activity, compounded by altcoin market weakness.
70M token airdrop triggered profit-taking after July 24
Perpetual futures listing increased volatility
RSI at 32.66 signals oversold conditions
Deep Dive
1. Primary Catalyst
The 70M token airdrop on July 24 created immediate selling pressure, with recipients liquidating ~$78M worth of ERA (at $1.12/token). This followed a 64% price surge from Coinbase’s July 18 listing (CoinMarketCap).
Timing correlation: 30% price decline since July 18 aligns with airdrop distribution
Volume spike: $2.12B 24h turnover (12.77x market cap) suggests heavy trading
2. Technical Context
Oversold signal: 7-day RSI at 32.66 (30 = oversold threshold)
Price vs MA: Current price ($1.12) below 7-day SMA ($1.29) shows bearish momentum
Liquidation clusters: $10.6M in shorts liquidated during July 29 rally created squeeze risks
Conclusion
ERA's dip combines airdrop-driven supply glut with altcoin weakness (BTC dominance at 60.84%). The key question: Can Caldera's Metalayer protocol adoption (supporting 50+ chains) offset exchange-driven volatility in coming weeks?
