Venice Token [VVV] experienced a significant decline, falling 21.27% over the last 24 hours, according to reports from AMBCrypto. The token's trading volume dropped 27.74% to $96.76 million, indicating weakening market participation as buyers stepped away from the market. Earlier rallies had pushed VVV toward the $20.86 resistance level, but sellers regained control before the token could establish a sustained breakout. The contraction in trading activity showed that fresh demand failed to offset the wave of selling pressure, leaving bulls with fewer signs of immediate strength.
Speculative interest weakened considerably as Open Interest declined 30.34% to $85.72 million, as reported by AMBCrypto. The drop indicated traders closed positions aggressively instead of adding new exposure during the correction. A falling Open Interest reading alongside a sharp price decline often reflects capital leaving the derivatives market rather than rotating into fresh positions. The data suggested many participants chose to reduce risk as volatility accelerated, with the scale of the decline showing conviction weakened across both retail and leveraged segments.
Price action weakened significantly after VVV broke below its ascending support trendline, which had guided the rally throughout May, according to AMBCrypto reports. The breakdown occurred shortly after the token faced rejection near the $20.86 resistance level, with sellers pushing the price toward the middle of the broader trading range. The token is currently trading around $15.23, placing it below the former support structure. MACD also reflected growing weakness as the MACD line crossed below the signal line while the histogram turned increasingly negative, indicating bullish strength had faded considerably.
Long liquidations reached approximately $310.91K, while short liquidations totaled only $36.17K, as reported by AMBCrypto. The disparity showed the decline triggered a large-scale liquidation event among bullish traders, with several exchanges recording notable long-side liquidations including Binance, Hyperliquid, and Bybit. The data suggested the correction stemmed largely from overextended bullish positioning rather than aggressive short activity. Following such events, markets often experience a period of stabilization because excessive leverage gets removed, though VVV would still need renewed Spot demand before any meaningful recovery could develop.
If selling pressure continues, VVV would likely revisit the $12.41 support level, with a failure to hold that area potentially exposing the next major support around $8.49, where buyers previously returned to the market, according to AMBCrypto analysis. The technical breakdown suggests the token has entered a deeper correction phase after several weeks of strong upward expansion, with the combination of falling Open Interest and long liquidations accelerating the selling pressure and leaving sellers firmly in control of the market direction.
