$FRAX jumped out of nowhere after a sudden liquidity gap pushed the price from 0.8120 all the way up to 1.5740 in a single, wild move. When you see a candle like that, it usually means the order book’s thin not many sellers around and buyers are just charging in, willing to pay whatever it takes. So instead of a slow, steady climb, we got a sharp repricing.

Right after that spike, things started to settle down. The price pulled back to somewhere in the middle, and both buyers and sellers stepped back in to provide liquidity. The spread tightened up, which tells you this wasn’t just some artificial pump there’s real trading going on to support these new, higher prices.

Looking at the order book now, bids have a small edge (about 59.7%), but no one’s piling in with huge orders. There’s interest, sure, but not a ton of conviction. For FRAX to keep climbing, it needs to turn the 1.23–1.27 area into a sort of home base. If it can’t hold there, odds are the price drops back toward the middle somewhere around 1.04–1.08.

Moves like this really test the market. Will liquidity keep up, or just vanish after the excitement fades? So far, FRAX is hanging onto that middle range, which shows there’s still support behind it.