Alpaca Finance (ALPACA), the largest leveraged yield farming protocol on Binance Smart Chain, has investors scratching their heads in disbelief with a jaw-dropping 1858% rally, climbing from $0.029 to $0.8312 in just days, despite news that Binance will delist the token on May 2.

Despite the Binance delisting news, ALPACA has shown no signs of stopping. According to CoinMarketCap, the trading volume of ALPACA soared 219.45% to $736 million while its market cap shot up to $125.17 million in just a few hours.

Binance Delisting Triggers Historic Short Squeeze

Binance, first announced on April 24, 2025, that all ALPACA spot trading pairs will be delisted by May 2. Usually, such news sparks fear-induced selling sprees. But this time, the market narrative flipped. 

Instead of a capitulation sell-off, ALPACA’s price ignited a historic rally—rising from $0.029 to above $0.21 within just 48 hours. This bullish madness was primarily driven by a short squeeze. 

Related: Another Round of Delistings on Binance — Is Your Favorite Token at Risk?

Traders who expected a collapse shorted heavily, only to be squeezed out as prices surged, forcing them to buy back in at losses, feeding the bullish cycle.

Also, Alpaca Finance team scrapped its plan to issue more ALPACA tokens after community backlash while announcing that its 214th weekly buyback and burn is complete with 188,888 ALPACA (~$41,500) being removed out of circulation.

Technical Setup: ALPACA in Overdrive, But Caution Ahead

On the 4-hour chart, ALPACA’s Relative Strength Index (RSI) currently sits at 81.38, placing it deep in overbought territory. This confirms intense bullish momentum—but also signals a potential risk of sharp correction if sentiment turns.

On the MACD indicator, a sharp bullish crossover has just occurred, with both MACD and signal lines surging upward. Momentum is clearly in favor of bulls, with volume confirming the breakout. Also , the histogram is expanding rapidly, showing acceleration in bullish strength.

On the Fibonacci scale, ALPACA has blown past the 1.618 extension at $0.5207 and is now hovering just above the 2.618 level at $0.8035–a zone where parabolic rallies often cool off.

The next key resistance could come near $0.90–$1.00, though a pullback to the $0.52 level (1.618 Fib) would be a healthy retest zone.