Key Highlights
- FORM hit an all-time high of ~$2.64 on May 5, 2025, with a current market cap of ~$942M; it needs to rise to ~$2.60–$2.65 to break the $1B market cap milestone.
- Solayer reached ~$3.42 ATH on May 5, 2025, but has since dropped ~43% to ~$1.94, breaking below major support at $2.10–$2.20.
- FORM remains in a bullish consolidation phase above key support; Solayer shows a bearish breakdown with resistance flipping at $2.10–$2.20.
- FORM shows rising open interest, funding rates, and volume; Solayer shows falling open interest, negative funding, and increased liquidations.
- FORM remains bullish toward $1B if support holds, while Solayer stays bearish unless it reclaims the $2.10–$2.20 zone.
FOU (FORM) is trading at ~$2.46 with a market cap of ~$942M and 24h volume up 281% to ~$72.56M, putting it just ~6% away from the $1B milestone, likely requiring a price push to ~$2.60–$2.65. Meanwhile, Solayer (LAYER) recently hit an ATH of ~$3.42 but has sharply declined ~43% to ~$1.94, facing heavy selling pressure.
FORM (FOUR) — Bullish Momentum Faces Key $2.10–$2.20 Test
FOUR (FORM) surged from ~$2.10 to an ATH of ~$2.64, pushing the market cap to ~$942M and bringing the $1B milestone within striking distance. However, momentum has started cooling, and the $2.10–$2.20 support zone now acts as a crucial hold level for bulls.
The RSI reached ~77 (overbought) but has slightly eased, suggesting short-term overheating may trigger a pullback or consolidation. Meanwhile, the MACD is showing signs of flattening, hinting that the recent rally is losing steam. OBV (On-Balance Volume) remains elevated, reflecting strong underlying buying activity, but any decline here would be a warning that capital inflows are slowing.
Short-term moving averages (9-period SMA) sit around ~$2.25, making this the first technical checkpoint. A breakdown below $2.10–$2.20 risks sending price toward deeper support at $2.00 and $1.77
FOUR On-Chain Overview
FORM (FOUR):
Open interest surged from ~$40–50M in mid-April to ~$70M on May 6 as price exploded past $2.60, pointing to aggressive long buildup. OI-weighted funding rates turned positive in late April, confirming bullish leverage entering the market. Daily volume stayed moderate at ~$20–40M through April but jumped to ~$80–100M in early May during the breakout. Notably, May 5 saw a cluster of long liquidations following the rally, warning that late longs are now at risk of a shakeout if momentum fades.
Solayer (LAYER) — Breakdown in Play, Bounce Hinges on $1.90 Hold
Solayer (LAYER) surged from the March low near $1.07 to an ATH of $3.43, but momentum has sharply reversed following a breakdown from the rising wedge (bearish) pattern near $2.50. This breakdown accelerated a selloff toward the critical 0.618 Fibonacci retracement at $1.93, which now serves as the key make-or-break zone.
The RSI has cooled dramatically from overbought levels (>70) to ~40, signaling short-term exhaustion and opening the door to a potential relief bounce if buyers step in here. Meanwhile, the MACD shows a clear bearish crossover, underscoring the momentum shift. Crucially, OBV (On-Balance Volume) has declined steeply, confirming that this correction is driven by real capital outflows, not just a temporary sentiment shakeout — a red flag for dip buyers.
Short-term moving averages (9-period cross) have also flipped bearish, with price trading decisively below these trend gauges, suggesting that the immediate path of least resistance remains to the downside
Solayer (LAYER):
Open interest climbed steadily from ~$40M on April 23 to ~$60M by April 30 but has since cooled to ~$30–40M as price corrected from its $3.40 peak. Funding rates flipped sharply negative post-May 5, signaling a sentiment reset and heavy long unwinds.
Volume rose from ~$60–90M in late April to ~$150–180M highs but is now tapering, reflecting reduced speculative activity. Liquidations spiked dramatically on May 5–6, with both longs and shorts wiped out as the price plunged, amplifying intraday volatility.
