SOL longs are getting a bit crowded: open interest across the market fell 0.19% in 24 hours, but 70.69% of Binance accounts are long, with a long/short ratio of 2.4118. There are still 2.4 times as many traders chasing longs as shorts.
Funding rates haven't reversed either: Binance's latest rate is 0.002388% and OKX's is 0.001844%. Both are positive, meaning longs are paying shorts. Positions are declining, but accounts remain tilted long. If the market takes another leg down, those chasing longs will be the first to feel the pain.
Do you think SOL is deleveraging this time, or have the bulls still not given up?
$SOL
View in real time: https://www.coinboss.com/funding-rate