Oh damn, $PHA is soaring in style already, folks! š The 1H and 1D chart for $PHA stands up like a telephone poleāthereās a clear parabolic uptrend across all timeframes. Just looking at the 24h trading volume hitting $16,561,566 USDT, you can feel the capital flowing in relentlessly, pushing the price up by more than 67.76% in no time!
The main catalyst is that Phala Network has shifted its strategy toward the Ethereum Layer 2 ecosystem, focusing on AI and GPU TEE to tap into Ethereumās vast ecosystem. Fresh hot news: Phalaās secure AI infrastructure handled tens of billions of AI tokens (55ā78 billion tokens/day) in just the past week, clearly showing real demand is surging!
That said, a level-headed trader still has to face reality: the RSI on the 1H timeframe is 81.1 and on the 1D timeframe is 92.1āextremely overbought already š³. The funding rate is negative at -0.0499% while Open Interest has increased by +252.3%, suggesting the shorts are holding quite a lot, with a potential short squeeze brewing.
With this picture in mind, my personal view leans toward LONG, but my confidence level is only 2/5āso itās best to be cautious.
The main catalyst is that Phala Network has shifted its strategy toward the Ethereum Layer 2 ecosystem, focusing on AI and GPU TEE to tap into Ethereumās vast ecosystem. Fresh hot news: Phalaās secure AI infrastructure handled tens of billions of AI tokens (55ā78 billion tokens/day) in just the past week, clearly showing real demand is surging!
That said, a level-headed trader still has to face reality: the RSI on the 1H timeframe is 81.1 and on the 1D timeframe is 92.1āextremely overbought already š³. The funding rate is negative at -0.0499% while Open Interest has increased by +252.3%, suggesting the shorts are holding quite a lot, with a potential short squeeze brewing.
With this picture in mind, my personal view leans toward LONG, but my confidence level is only 2/5āso itās best to be cautious.
