Omni Network (OMNI) experienced a sudden price explosion on Tuesday, July 29, after rising 170% within hours, fueled by the announcement of its listing on Upbit, South Korea's largest cryptocurrency exchange. The coin reached $4.84 at press time, representing a daily increase of 84%.
This strong surge came after OMNI was listed as a trading pair against the Korean won (KRW), opening the door to heavy inflows from Korean investors, known for their pivotal role in cryptocurrency surges.
CoinGecko data shows that Upbit accounted for the largest share of trades, with $290 million in the 24-hour period, surpassing Binance's $192.7 million. Total trading volume also jumped by more than 2,100%, reaching $904 million, indicating an unprecedented influx of liquidity.
Open interest on the coin surged by a historic 370% to over $75 million, contributing to a short squeeze that forced traders to close short positions. This resulted in the liquidation of positions worth over $10.6 million, including $7.66 million in short trades.
On the technical front, OMNI broke the "falling wedge" pattern that has dominated price action since June 2024, after two failed breakout attempts last December and this July. The breakout was confirmed at $4.77, which has become a strong support area, enhancing the likelihood of a continued uptrend.
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