OMNI price rose by 170% in a single day! The listing on a top CEX in South Korea has ignited the market, with technical breakthroughs indicating a 120% upward potential.

Thanks to the launch of the OMNI/KRW (Korean Won) trading pair on South Korea's largest local exchange, the Omni Network Token OMNI experienced a parabolic big pump on July 29, soaring 170% in a single day, currently priced at $4.84 (24-hour rise of 84%). Its daily trading volume surged by 2100% to $904 million, and its market capitalization jumped to $182 million. Technical indicators show that OMNI has successfully broken through a key falling wedge pattern, with short positions being squeezed to boost the rise. The short-term target is set at $10.70 (potential rise of 120%), while the long-term pattern target points to $21.75.

Mainstream CEX listings ignite the market, with retail funds flowing in from South Korea The astonishing rise in OMNI's price directly stems from the announcement by a top cryptocurrency exchange in South Korea on the morning of July 29 to launch the OMNI/KRW trading pair. This move significantly boosted OMNI's exposure among retail investors in South Korea—a market known for driving speculative trends. The dominant position of this CEX in Korea also endowed the token with institutional credibility, instantly igniting investor interest and trading activity. Data shows that the OMNI trading volume on this CEX in the past 24 hours is approximately $290 million, significantly higher than the $192.7 million on another mainstream CEX.

Short positions squeeze adds fuel to the fire, liquidation amount exceeds ten million dollars In addition to the favorable news of the listing, the severe fluctuations in the derivatives market further drove up prices. According to CoinGlass data, the open interest (OI) of OMNI surged over 370% within 24 hours, reaching a historic high of over $75 million. Although the weighted funding rate remained negative (indicating a market bias towards short positions), the skyrocketing open interest likely triggered a massive short squeeze, forcing shorts to close their positions and pushing prices higher. In the past 24 hours, Omni Network recorded over $10.62 million in liquidations, of which approximately $7.66 million were liquidated short positions, resulting in heavy losses for bearish traders amid the sudden big pump.

Technical Breakthrough: Falling Wedge Confirmed, Target Price Aiming for $10.7 The listing of a mainstream CEX in South Korea has become a key catalyst for OMNI to break through critical technical resistance. Since early June 2024, the price of OMNI has been trading within a falling wedge, which is a typical bullish reversal pattern. The token had previously attempted to break through this pattern twice (on December 2024 and July 11, 2024), but failed to maintain momentum. This time, on July 29, OMNI strongly broke through the upper resistance of the wedge at $4.77 and successfully confirmed this level as support with a retest, effectively validating the technical formation.

Indicators are overall bullish, RSI overbought warning signals pullback risk Multiple technical indicators support OMNI to continue its rise:

• Golden Cross of Moving Averages: The price has firmly stood above the 50-day and 200-day Simple Moving Averages (SMA), which is typically regarded as a signal for the establishment of an upward trend.
• Strengthening MACD: The Moving Average Convergence Divergence (MACD) shows an upward trend, with the green histogram continuing to expand, indicating that the bulls are still in control. Given the strong breakthrough momentum, the next key target for OMNI is at $10.70 (approximately 120% upward space from the current price), which is consistent with the current minimum resistance path. If the bullish momentum continues, based on the complete measurement target of the wedge pattern, the long-term theoretical target could be seen near $21.75. However, the relative strength index (RSI) is currently above 70, indicating that OMNI is in the overbought zone. While this is common in a strong upward trend, it also means that the risk of a pullback triggered by short-term profit-taking cannot be ignored.

Conclusion: The frenzy among retail investors in Korea and the effect of short positions triggered by this launch have together pushed OMNI out of a months-long consolidation range. The technical pattern breakout has opened up significant upward space. Although short-term overbought signals suggest a possible pullback, the breakthrough of key resistance levels, coupled with substantial trading volume, indicates that if OMNI can firmly establish itself at the new support level, there is immense potential for further rises. Investors should closely monitor changes in volume and the testing of the $10.70 target, while also being aware of the volatility risks brought about by shifts in market sentiment.