The post Omni Network Price Skyrockets 164%, Should You Buy Now? appeared first on Coinpedia Fintech News
Omni Network’s OMNI token has stunned the market with a parabolic 164% price spike in the last 24 hours, reaching $5.40 before finding ground near the $4.06 mark. This explosive move was driven by a cascade of short liquidations totaling $3.8 million after aggressive bearish bets were wiped out.
It is worth noting that, despite constant negative funding rates, implying traders were heavily short, open interest rose by over 300%, signaling a highly leveraged environment. As Bitcoin’s rally fueled broader altcoin momentum, OMNI became one of the biggest gainers, driven in part by renewed interest in Ethereum Layer-2 interoperability solutions. So, is this still the right time to stock some OMNI tokens? Join me as I give you the potential price targets for the near term.
OMNI Price Analysis
Omni price is currently being sold at $4.06, with an impressive 164% overnight surge. The token’s 24-hour volume zoomed past a remarkable 6169% to $939.5 million, highlighting intense speculative activity. That being said, the market cap now hovers around $140.22 million, up from under $55 million just a day ago. Now that I have your attention, let us see where the altcoin is heading next.
The daily chart reveals a textbook short squeeze, as OMNI broke sharply above the upper Bollinger Band at 2.813, the 20-day SMA at 1.695, and key resistance levels near $2.00. The RSI has spiked to 85.68, well into overbought territory, which historically comes before consolidation or retracement.
Notably, the breakout candle shows a low of $2.21 and a high of $5.40, which is nearly a 2.5x intra-day range, signaling immense volatility. This surge aligns with a rounded bottom pattern that began in early June and completed with July’s explosive move.
However, traders should be cautious. The RSI divergence and the massive deviation from the Bollinger mean suggest OMNI may face short-term cooling. If the broader altcoin market remains bullish, OMNI could consolidate above $3.00 before making another move.
Potential LowAverage PricePotential High$2.80$3.60$6
Also, read our news on Why Cardano Price is Up Today?
FAQs
A massive short liquidation worth $3.8 million triggered a rapid price surge, fueled by negative funding and high leverage in derivatives.
Yes, with the RSI at 85.68 and the price far above the Bollinger Band upper limit, OMNI is currently in overbought territory.
Growing excitement around Ethereum L2 interoperability and Omni’s role in unifying rollups is pushing investor attention toward this niche narrative.