Binance Tokens Plunge 37% in Midnight Selloff

Several Binance tokens, including HIFI, CHESS, and OBOL, experienced a significant drop in value during the early hours of the trading session. The sudden plunge, which occurred around midnight, saw prices fall sharply, with some tokens losing up to 37% of their value. This abrupt decline triggered panic among traders, as the market witnessed a high-volume selloff.

The market had started the day on a relatively calm note, with prices moving sideways for several hours after the opening. However, this stability was short-lived. Around midnight, prices began to drop rapidly from the $0.1300 zone, breaking through support levels and dragging prices down. Despite brief attempts at recovery, the bearish pressure persisted, pushing prices lower.

By 02:00, buyers made an effort to reverse the trend, but their attempts were short-lived. Sellers quickly regained control, pushing prices further down and turning prior support levels into resistance zones. The market showed signs of exhaustion by 06:00, settling into a new range around $0.0850. However, small selloffs continued, and the market remained volatile, with an amplitude reading of 0.96%.

The sharp drop in prices was accompanied by a surge in trading volumes, confirming the heightened activity during the selloff. Later sessions saw moderate participation as the market began to calm, but renewed sell pressure in the closing hours pushed prices toward the day’s lows. The market's volatility and shifting sentiment within a single trading cycle highlighted the challenges faced by traders in navigating the sudden price movements.