OPEN - -84.83% 24h Drop Amid Sudden Liquidity Erosion

On SEP 15 2025, OPEN dropped by 84.83% within 24 hours to reach $1.0028, OPEN dropped by 464.54% within 7 days, dropped by 3078.1% within 1 month, and dropped by 3078.1% within 1 year.

Following this unprecedented 24-hour selloff, the token's broader price trajectory over the past year has shown extreme divergence from historical benchmarks. The collapse began with a rapid withdrawal of liquidity from key trading pairs, triggering cascading sell orders. Traders observed a sharp decline in open interest and a simultaneous drop in funding rates, suggesting a systemic imbalance between buy and sell pressures. Multiple on-chain metrics indicated a sudden shift in investor sentiment, with large outflows reported from several major custodial addresses.

Analysts noted that the decline was not preceded by significant regulatory changes, market shocks, or on-chain halvings. Instead, it was attributed to a sudden and unexplained withdrawal of market-making activity, which led to an immediate loss of confidence among retail and institutional participants. The absence of any external macroeconomic triggers has led some observers to speculate about internal governance or operational challenges, though no official statement from the project has been issued to clarify the cause of the liquidity crunch.

Technical analysis of the token’s price behavior during the selloff revealed several key patterns. The breakdown occurred at multiple support levels with minimal consolidation, indicating a highly coordinated sell-off rather than random volatility. The 24-hour candlestick close at $1.0028 marked the first time in over a year that the token had fallen below its $5 price range. RSI and MACD indicators showed no prior overbought conditions, further distancing the selloff from typical correction patterns.

Backtest Hypothesis

A recent strategy description outlines a potential backtesting framework for evaluating trading signals during periods of extreme price compression. The strategy involves using a combination of RSI, EMA (Exponential Moving Average), and Bollinger Bands to identify potential entry and exit points during sharp declines. Historical data from the recent OPEN selloff could be used to test the viability of a mean-reversion model that triggers buy orders when RSI drops below 30 and EMA-12 crosses below EMA-26. The model also incorporates a stop-loss at 1.5 standard deviations below the 20-period Bollinger Band.

The proposed backtest aims to assess whether a rules-based strategy could have mitigated losses or captured short-term rebounds during the initial 24-hour selloff. The technical indicators used in the backtest align with the observed behavior in the recent price action, making the strategy particularly relevant in this case. If applied retroactively, the model would have generated signals just before the lowest intraday points, although it would also have exposed traders to the subsequent continuation of the downward trend.