Pancakeswap's native token, CAKE, has surged 4.5% in the past 24 hours, nearing the $2 mark. This rise is supported by positive derivatives data, with Coinglass reporting a shift in the OI-Weighted Funding Rate to 0.0046%, indicating a bullish sentiment among traders. The long-to-short ratio for CAKE has also increased to 1.11, suggesting more traders are betting on further price increases. The bullish momentum follows Pancakeswap's recent community-approved proposal to reduce CAKE's maximum supply from 450 million to 400 million, with burns outpacing emissions. Despite a recent rejection at the $2.13 resistance level, CAKE is showing signs of recovery. If the price continues to rise, it could target the 50-day EMA at $2.06. However, a close below the $1.88 support level could lead to further declines.