Backpack (BP) jumped more than 43% in the past 24 hours, lifting its weekly gains above 121% and pushing the token to a new peak of about $1.3994.

The move was fueled by a broad rebound across the real-world asset (RWA) sector, a sharp imbalance in perpetual futures liquidations, and strong growth in on-chain activity. BP also topped all other coins in social sentiment during the period, with trading volume and total assets deployed adding to the upward momentum.

RWA-themed coins lead the rebound

The rally came amid a market-wide resurgence in RWA-themed tokens — a sector built around projects that bring assets such as treasuries and funds onto public blockchains — with BP leading the sector in daily gains, according to CoinGecko. Ondo Finance (ONDO) and Quant (QNT) followed closely, with both posting gains of more than 25%.

The uptrend was amplified by a spike in perpetual liquidations of short positions, which was 73 times larger than liquidations of long positions. In perpetual futures, rising prices force leveraged short sellers to buy back tokens to close their positions, so concentrated short liquidations can mechanically reinforce an ongoing rally.

Solana-based protocol posts record metrics

Backpack is built on Solana (SOL), and protocol data pointed to broad growth in activity. Total assets deployed on BP reached a new high of $604.75 million, while the average daily asset transfer count hit 1 million over the past week.

Asset holders climbed 204%, surpassing the 242,000 mark, according to Token Terminal. Holder and transfer counts are commonly watched as usage gauges because they reflect how many addresses actually interact with a protocol, rather than only how fast its token is changing hands.

Monthly token trading volume rose 175% to about $157 million, while daily volume quadrupled from $7 million to more than $29 million. Monthly DEX trading volume, however, declined 12%, though it remained elevated at $1.10 billion.

What the charts show after the new high

BP respected a rising trendline support over the past eight days and traded above $1, though bulls were potentially losing their grip. The Bull Bear Power (BBP) indicator, which measures the strength of buying versus selling pressure, reinforced the declining buying momentum, while the Chaikin Money Flow (CMF) — a gauge of whether volume is flowing into or out of an asset — pointed to capital leaving the coin, plunging from 0.40 to negative 0.08.

Taken together, the indicators suggested BP appeared to be entering a correction phase. A retracement to the slanting support would align with the 0.786-0.90 Fibonacci retracement level, although the token could still equal its $1.3994 peak before an actual pullback, an outcome the analysis said was not certain.

Selling pressure was concentrated above $1.30, where candles repeatedly closed at or below the level and left long upper wicks behind. Those multiple wicks above $1.30 signaled seller activity in that zone.

Backpack rallied more than 43% in 24 hours and hit a new high amid the broader RWA resurgence. The token held its rising trendline support, but capital flowed out after the peak, according to the analysis.

The analysis was originally published on AMBCrypto.