$PONS 15m down 1.88%, it doesn’t look like much, but when combined with the abnormal percentile of 88.3% OI, it tastes different.
Price down + OI down isn’t new short entries—it’s longs getting forced out: stop-losses, position reductions, and deleveraging. The closing price directly broke below the lower line of the past ~20 5m candles. Active trades are down -26.7%, buy/sell ratio is 0.58, and sell-side pressure is absorbing orders.
Whole-pool abnormal #8, nominal change #6. Over the last 24h there’s also 164M in trading volume—liquidity is there, so this move looks more like someone is seriously reducing positions, not a few scattered hit orders. Keep watching OI: if during the drop the OI is still falling, then it’s washing positions—not the start of a trend.
Price down + OI down isn’t new short entries—it’s longs getting forced out: stop-losses, position reductions, and deleveraging. The closing price directly broke below the lower line of the past ~20 5m candles. Active trades are down -26.7%, buy/sell ratio is 0.58, and sell-side pressure is absorbing orders.
Whole-pool abnormal #8, nominal change #6. Over the last 24h there’s also 164M in trading volume—liquidity is there, so this move looks more like someone is seriously reducing positions, not a few scattered hit orders. Keep watching OI: if during the drop the OI is still falling, then it’s washing positions—not the start of a trend.