On January 18, 2026, early morning, the market experienced an extraordinary one-hour rally. The movements of several cryptocurrencies are worth noting, especially those that have been consistently listed, which may indicate the start of a new wave of market activity.

**In terms of gains, several highlights stand out:**

Led by STO, which surged 54.79% in a short period, rising from $0.0887 to $0.1373, with a difference of over $0.048. Such rapid increases are often accompanied by abnormal trading volumes—spot volume reaching 38.19 times and futures volume at 2.12 times. The order book shows a long-short ratio of 1.41 favoring the bulls, but caution is advised due to the risk of short squeeze from crowded shorts.

LISTA followed closely, with a 9.54% increase, from $0.1782 to $0.1952. Although this gain is less dramatic than STO’s, the spot volume is as high as 112 times, indicating very high market participation. The long-short ratio of 1.68 continues to favor the bulls, with stable funding rates.

RIVER, JUV, and HOME experienced more moderate gains of 2.86%, 2.52%, and 2.45%, respectively, but all maintained a bullish advantage.

**On the downside, gaming-related tokens are under pressure:**

RONIN and AXS suffered the largest declines, dropping 8.15% and 8.14%, respectively. RONIN fell from $0.1939 to $0.1781, and AXS from $2.051 to $1.884. These price fluctuations directly reflect shifts in market sentiment. Notably, RONIN’s long-short ratio remains at 1.71 (favoring longs), while AXS is suppressed to 0.76 by the bears.

SLP continued its weakness, declining 6.27%, from $0.001052 to $0.000986. Volatility in such low-priced tokens is often intense, so investors should exercise caution.

TANSSI and STABLE declined by 6.05% and 4.62%, respectively, with STABLE showing a clear bearish bias (long-short ratio of 0.69), indicating selling pressure.

**Market logic behind this:**

Overall, this one-hour market shows clear differentiation—some tokens are driven by capital inflows, with active spot and futures volumes, suggesting the potential for a major trend to start. However, risks must also be considered, especially for tokens with extreme long-short ratios, where liquidation risks are amplified. Trading volume multiples serve as important indicators of participation levels; combined with price movements, they help better understand the true market engagement.