Binance Market Watch: CAKE’s Crucial $2.95 Test Signals Volatility Ahead
PancakeSwap’s native token CAKE recently faced significant resistance at the $2.95 level, leading to a 5.6% pullback following an impressive 22% rally. This key psychological threshold represents the upper bound of CAKE’s five-month trading range, indicating trader caution NEAR range highs despite increasing demand. The price action suggests that liquidity clusters between $2.70 and $2.30 will play a pivotal role in determining short-term movements, with the mid-range pivot at $2.16 acting as a critical support level. As of May 28, 2025, market participants are closely monitoring these levels for potential breakout or reversal signals in this volatile DeFi asset.
PancakeSwap’s CAKE Faces Key Test at $2.95 Amid Volatility
PancakeSwap’s CAKE token encountered strong resistance at the $2.95 level, sparking a 5.6% pullback after a rapid 22% rally. The rejection at this psychological threshold—marking the upper bound of a five-month trading range—suggests traders remain cautious near range highs despite growing demand.
Liquidity clusters between $2.70 and $2.30 could dictate short-term price action, with the mid-range pivot at $2.16 serving as potential support. On-chain data reveals this volatility may stem from market makers hunting liquidity, as evidenced by liquidation heatmap analysis.
The token’s On-Balance Volume (OBV) maintains its April uptrend, indicating sustained buying pressure. However, the abrupt rejection at a multi-month resistance level warns against unchecked bullish sentiment in the immediate term.
Cetus Protocol Pledges Full User Compensation After $223M Hack, Backed by Sui Foundation
Decentralized exchange Cetus Protocol, operating on the Sui network, has committed to fully reimburse users affected by a $223 million exploit targeting its Concentrated Liquidity Market Maker pools. The breach occurred on May 22, with recovery efforts now hinging on a critical community vote to unlock $162 million in frozen assets.
The sui Foundation has extended a strategic loan to bolster Cetus’ treasury reserves, ensuring sufficient funds for restitution—provided the governance vote passes. "We humbly ask for the Sui community’s full support to recover the funds via the upcoming vote," stated the Cetus team in a May 27 announcement. The decision rests entirely with Sui validators and stakers, marking a pivotal test for decentralized crisis resolution.
Unlike traditional finance where institutions dictate recovery, this process exemplifies decentralized governance in action. Binance founder Changpeng Zhao has publicly endorsed the initiative, though Cetus acknowledges the unprecedented scale of the request.
Bitcoin Whales Trigger Volatility Amid Large Withdrawals and Liquidations
Bitcoin retreated to $108,900, down 0.6% in the past 24 hours, following a crypto whale’s withdrawal of over $130 million from Binance. The move coincided with $26 million in long liquidations and $19 million in short liquidations, according to Coinglass data.
Lookonchain tracked a 1,200 BTC transfer off Binance at 6 AM UTC, signaling potential accumulation tactics by large holders. Market analysts interpret this as positioning for a deeper correction, with whales potentially seeking lower entry points.
Trader James Wynn suffered $14.3 million in losses after his $626 million long position faced liquidation pressure when BTC dipped below $108,500. The market quickly rebounded above $109,000, highlighting the intensified volatility surrounding key psychological levels.
