$SAND : This drop hasn’t been dramatic, but it still stings.
On the 15m chart, price fell 1.08% on 2.08x volume, closing below the lows of nearly 20 previous 5m candles. The taker buy/sell ratio was 0.64, so the selling pressure was clearly aggressive. But here’s the interesting part: OI was down 2.07% over 1h, and notional value shrank by nearly 530K U. This wasn’t a major influx of new shorts; it looks more like longs deleveraging, with stop-losses and position cuts both in play.
Its notional change across the whole pool ranked #38, at the 74.2nd percentile for anomalies—not the worst, but conspicuous enough. 24h trading volume is still 143.78M, and liquidity is fine; it’s just that the move has been rather decisively one-sided.
With this setup, it’s too early to call a bottom, but it’s not exactly a collapse either. More accurately: leverage has pulled back first, while price is still looking for the next willing buyer.
On the 15m chart, price fell 1.08% on 2.08x volume, closing below the lows of nearly 20 previous 5m candles. The taker buy/sell ratio was 0.64, so the selling pressure was clearly aggressive. But here’s the interesting part: OI was down 2.07% over 1h, and notional value shrank by nearly 530K U. This wasn’t a major influx of new shorts; it looks more like longs deleveraging, with stop-losses and position cuts both in play.
Its notional change across the whole pool ranked #38, at the 74.2nd percentile for anomalies—not the worst, but conspicuous enough. 24h trading volume is still 143.78M, and liquidity is fine; it’s just that the move has been rather decisively one-sided.
With this setup, it’s too early to call a bottom, but it’s not exactly a collapse either. More accurately: leverage has pulled back first, while price is still looking for the next willing buyer.