$IO /USDT short liquidation of $25.481K at $2.93684 indicates that a significant amount of short positions were liquidated at this price level
This happened because the market moved against the short sellers, hitting their liquidation price
Such a sizable liquidation can result in
Increased buying pressure
Forced buybacks to close the short positions could push the price even higher
Volatility spike Sudden liquidation events often cause sharp price movements
If you're trading $IO this level and the surrounding activity are critical to watch for potential momentum shifts