Sharp Midnight Drop Sends HIFI, CHESS, and OBOL into Freefall

Several Binance tokens like HIFI and OBOL crashed up to 37%, triggering panic as prices dropped fast during high-volume selloffs.

Despite a calm start, a sharp midnight plunge broke support zones and dragged prices down, with brief recovery attempts failing.

Continued bearish pressure and weak buyer momentum pushed prices lower, with volatility and trading volume spiking sharply during the drop.

Several altcoins on Binance, including HIFI, BMT, CHESS, SOON, and OBOL, saw sudden price crashes in the past 24 hours. The largest plunge hit 37%, causing panic among traders. Despite the chaos, some charts showed minimal net change by the end of the session. One asset opened at $0.0834 and closed at $0.0833—a tiny -0.24% shift. However, this barely reflects the day’s wild ride. The market saw major volatility and shifting sentiment within a single trading cycle.

Heavy Selling Pressure Followed Brief Stability

Prices moved sideways for several hours after market open. Traders noticed a tight trading range between $0.0839 and $0.0831. There were minor fluctuations early on, but the real action began near the 00:00 mark. Suddenly, prices dropped from the $0.1300 zone, triggering a sharp decline. This selloff marked the most volatile part of the session.

Consequently, the price found short-term support around $0.0950. However, the bearish pressure didn’t stop there. Sellers kept pushing prices lower in a slow and steady fashion. Brief consolidation phases followed, but they failed to reverse the trend.

Failed Recovery Fuels Deeper Losses

Around 02:00, buyers stepped in to attempt a rebound. A green candle showed temporary strength. Prices bounced slightly from the lows, offering a glimpse of hope. However, the relief did not last. Sellers quickly regained control and pushed the price further down. Prior support levels turned into resistance zones as the bearish trend deepened.

By 06:00, the asset settled into a new range around $0.0850. The market showed signs of exhaustion, but small selloffs continued. Traders tested resistance above, but momentum remained weak. An amplitude reading of 0.96% showed persistent volatility, despite the narrow closing gap.

Moreover, trading volumes confirmed the activity spike. The early plunge matched a surge in trade volume. Later sessions showed moderate participation as the market calmed. Yet, the closing hours brought renewed sell pressure. Prices slid toward $0.0800, brushing against the day’s lows.

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