Velvet Surges 24 Percent As Short Sellers Get Squeezed

Velvet has posted an impressive 24 percent price increase, driven by strong market activity and surging trading volume. Traders betting against the token are feeling the pain as rising open interest fuels a wave of short liquidations. This sudden burst of buying pressure has caught the attention of active market participants across the board.

With bullish momentum firmly in control, traders are now turning their attention to the $1.75 price target. Breaking this key level could open the door for further gains, while holding current support remains crucial for maintaining the upward trend.

Market watchers should keep an eye on trading volumes and open interest rates in the coming sessions. If the current buying pressure holds steady, Velvet might have enough fuel to test higher resistance zones soon.