FORM has gained nearly 14% over the past week, but selling pressure in perpetual markets (crypto futures without expiry) is raising doubts about whether the rally can continue. Across 10 centralized and decentralized venues, sellers accounted for 53% of perpetual trading volume, or roughly $174.6 million of a $329 million total, according to CoinGlass. Retail traders drove price action over the past day while whales maintained their market position, with the Whale Retail Delta falling but remaining positive at 0.39. Spot demand provided a counterweight, as traders bought roughly $15.65 million of FORM and netflow registered -$1.14 million. The market outlook remains mixed, with the data indicating a significant downside risk despite the accumulated gains.