Lombard Finance’s BARD token surged 39% to become a top daily gainer, with trading volume exceeding $278 million as the price broke above $1.50. However, on-chain data reveals the project’s team deposited over $1.85 million worth of BARD onto exchanges, coinciding with technical indicators and trader behavior signaling a potential bearish reversal.
The cryptocurrency Lombard Finance saw its BARD token price increase by 39% while its daily trading volume more than tripled to $278 million. This performance placed it second among the highest daily gainers in the top 200 coins as the price surpassed the $1.50 mark.
On-chain data showed clear signs of potential sell pressure emerging. Wallets linked to the project deposited BARD tokens worth a cumulative $1.85 million into exchanges including Binance, HTX, and Bitget as the token hit a new peak.
The exchange balance for the altcoin reached a new all-time high of about 93 million BARD, according to Nansen AI. “These tokens could also be used to provide liquidity, hence invalidating the narrative of the looming sell pressure,” the data suggested, though traders were advised to stay cautious.
Meanwhile, the price action showed a bearish divergence despite breaking above the previous all-time high. The Accumulation/Distribution indicator was at negative 291 million, indicating distribution had already started.
Trader behavior also shifted, with the hourly Long/Short Ratio dropping sharply from 1.5 to 0.87 in two days. Data from CoinGlass showed the ratio was 0.91 on Binance and 0.61 on OKX, suggesting participants were selling near the $1.50 price level.
