$RAYSOL This leveraged long positioning is being built a bit aggressively.
On 15m, OI is directly up +2.28%, and on 1h it’s even more extreme at +5.17%, with 575K USDT flowing in. Price moves up in sync by +1.17%, but volume is only 0.71x—there’s a strong feel of a passive “catch-up” rather than strong organic buying.
More importantly, the OI abnormal percentile has already reached 94%, ranking
#9 in the whole pool. This level is near the boundary of historical extreme ranges. Funding rates are also at a high percentile recently, suggesting the market is actively cooling off leveraged longs—your cost of going long is rising.
But the buy-sell ratio is only 0.92, and the主动成交 (active trade) is down -4%. Honestly, the spot side looks like it’s distributing/selling. What’s truly pushing the price is the derivatives leverage, not spot buy pressure. This kind of structure can easily trigger sharp volatility when it hits the boundary of a range.
Across several consecutive cycles, positions are being built up rather than a clear direction being established. The bulls are very determined, but be careful—this can be misread as being the last person holding the bag. At times like this, the worst case is when the price doesn’t push high enough, but volume hits the ceiling first.