$ARPA didn’t move because of sentiment it moved because liquidity finally got thin enough for one directional push to matter. The breakdown into 0.01188 washed out the late sellers, and once that pocket got cleared, bids started stepping up one level at a time until sellers had nothing left to lean on.

The wick through 0.01680 wasn’t random markup it was a liquidity grab. Tape reads show offers got lifted faster than they could refresh, which is the kind of imbalance that creates quick vertical candles on small caps with shallow books.

Post-sweep, the order book is sitting ~56% bid-dominant, which tells you it’s not chasing, it’s absorbing. If that behavior continues and the book keeps absorbing instead of thinning out, the next move doesn’t need hype it just needs sellers to stop reloading the wall.

Moves like these aren’t “pumps.” They’re stress tests for how a market handles forced direction.