GUN has been surging aggressively these days, soaring 36.46% in 24 hours to $0.02156, with trading volume skyrocketing to $130.24 million. However, a closer look at the market shows some irregularities—despite such a strong volume, open interest (OI) in the futures market only slightly increased to $562.6 million. This phenomenon of simultaneous price and volume increase but lagging OI growth often indicates short-term adjustment pressure.

Essentially, this rally is mainly driven by spot market funds, while futures market participants are cautious, suggesting that longs are taking profits. Looking at the turnover, the extremely high trading volume reveals a key message: early holders are likely distributing their positions opportunistically.

From a trading perspective, key levels should be closely monitored. Support is at $0.01850 (former high turned support), and resistance is at $0.02480 (the 0.618 Fibonacci level on the daily chart). If the price retraces to $0.01850 with a significant decrease in volume, it could be a good opportunity for a light position on the left side; conversely, if a volume breakout above $0.02480 occurs, the probability of a long entry on the right side increases. However, chasing the high at current levels is not a favorable risk-reward trade.

The current market structure is essentially a typical retail FOMO combined with main force watching—over 13 billion in volume supports a 36% increase, which indeed indicates an exaggerated turnover efficiency. The next 24 hours are critical: if the price fails to hold above $0.02200 and OI starts to turn downward, there’s a high chance of a quick retracement to the $0.01600 range.