Omni Network (OMNI) exploded by 170% on July 29 following its high-profile listing on Upbit, South Korea’s largest cryptocurrency exchange. The token has since cooled slightly but remains up 84% in the last 24 hours, currently trading at $4.84. The surge has positioned OMNI as the top performer among the top 500 cryptocurrencies by market cap.
The move came amid an unprecedented increase in trading activity. OMNI’s daily trading volume soared over 2,100% to $904 million, signaling a wave of new interest and momentum. The token’s market cap now exceeds $182 million, ranking it 337th overall. The bulk of the volume was recorded on Upbit, which alone saw $290 million in trades, well ahead of Binance’s $192.7 million during the same period.
The rally was triggered by Upbit’s addition of a KRW trading pair for OMNI, drastically increasing exposure to Korean retail investors — a demographic known for igniting speculative rallies. The listing not only opened the door to new capital inflows but also signaled institutional validation within the region.
CoinGlass data reveals that OMNI’s open interest spiked more than 370% to reach an all-time high of over $75 million, reflecting a surge in leveraged positions. A large portion of these were shorts, resulting in a $7.66 million short liquidation as the price spiked unexpectedly. Total liquidations over the past 24 hours topped $10.62 million, further highlighting the intensity of the move.
Despite the negative funding rates, which indicate a bearish bias, the combination of rising open interest and liquidations suggests that a short squeeze was a key driver behind the vertical price action.
Breakout pattern confirms bullish reversal setup
Technically, OMNI’s rally marks a decisive breakout from a falling wedge pattern that had contained price action since early June. After failing two breakout attempts — in December 2024 and again on July 11 — the token finally pierced the upper resistance line at $4.77 on July 29. The breakout was followed by a textbook retest of the same level, which has now flipped into a support zone.
Source:TradingView
Momentum indicators continue to support the bullish scenario. OMNI is now trading above its 50-day and 200-day simple moving averages, which confirms the start of a broader uptrend. The MACD histogram is expanding, while the MACD line trends upward, signaling sustained bullish momentum.
The near-term target stands at $10.70 — a level that aligns with both horizontal resistance and the projected move from the breakout pattern, representing a 120% upside from current levels. If buyers maintain control, the full breakout projection places OMNI’s long-term target near $21.75.
However, with the RSI now above 70, OMNI is considered overbought in the short term. A pullback remains possible as traders take profit and momentum stabilizes.