The TST (Test Token) is caught in a brutal pain cycle after a swift and severe breakdown on Binance, marked by capitulation-level volume, a wipeout in open interest, and a sharp MACD reversal signaling full risk-off. In just 15 minutes, the token collapsed by over 68%, falling from $0.04960 to $0.01547, triggering mass liquidations and panic exits. 🧠💥
With no signs of social or whale support stepping in, the selloff deepened. Though TST later rebounded to around $0.02498, the 24-hour damage remains heavy at -38%, leaving the market shaken and uncertainty high. 🤯
Open Interest Collapses as Liquidations Unleash
Data from Coinglass shows TST open interest fell by over 35%, with Binance-specific contracts declining more than 40%. The sharp decline followed a surge in open interest earlier in the day, where a single $102 million position was placed, nearly double the prior OI total and sparking a liquidation cascade. Over $4.47 million worth of TST positions were liquidated within hours, with 98% being long trades wiped out in the crash. 🧨
Whale Activity, Hype & Supply Gaps
Top traders flagged the $102 million ocean, reporting sharp upticks in funding rates across exchanges like Bybit. Many suspect a lone whale triggered the sell-off, pumping up volume before triggering the collapse. 🐋
Although the token had briefly surged on rumors of Binance support, official channels, including CEO Changpeng Zhao, denied any affiliation. The rumors pushed TST to $0.52 before crashing, echoing prior patterns of rapid price pulls in Binance-listed tokens. 🚫
Market Reaction & Technical Breakdown
On Binance Square alerts, analysts confirmed the bearish structure: TST broke support at $0.04708, slipped below short-term moving averages (MA7, MA25, MA99), and saw volume decline, signals all pointing downward. Suggested support levels were noted at $0.0425 and $0.0396, with sustained weakness risking a deeper fall toward $0.0408 or lower. 📉
Liquidations Wipe Out Longs
TST saw the third-largest liquidation total in the market over the last 12 hours, trailing only Ethereum and Bitcoin. Over $4.47 million in positions were liquidated, with 98% of that being long positions, highlighting the one-sided nature of the wipeout. 🍪
Short sellers weren’t spared entirely, however, with around $63,230 in shorts liquidated during the swift rebound. Meanwhile, the trading volume surged over 1,000%, reaching approximately $242.94 million, while market capitalization plunged 32% to $25.9 million. 💸
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2025-08-07 11:53