SNDK is now at 1390, and it just bounced back up.
Earlier, it bounced from 1127 to 1390—four bounces in total, each time slightly higher, but then it would start to shrink back. During the day, the open interest rose 25%. Massive funds surged in, but the whales are leaving. The account is down by 30%, and the position size is down by nearly a quarter. When it’s going up, “smart money” is reducing exposure. Whoever is taking the bag at this level—no need to say it.
The fees are still negative. The shorts are holding on. After a 25% rise, they’re still holding—holding longer means more loss, but holding more makes it harder for them to get out. This creates a situation where the shorts don’t die and the longs don’t stop. But taker volume shrank by 22%; when it was pushed to the highs, fewer people chased it, and it became increasingly harder to lift.
I don’t get it. On one side, open interest has exploded and huge funds are pouring in. On the other, the whales are running and trading activity is shrinking. At this point, who is right? Really can’t tell.
Chasing doesn’t feel right, and not chasing also doesn’t feel right. For now, I’ll just watch. With this kind of trend, both sides are uncomfortable—one side is afraid of missing the move, while the other is afraid of becoming the bag holder.
Let’s preview the ending in advance.
#sndk $SNDK
Earlier, it bounced from 1127 to 1390—four bounces in total, each time slightly higher, but then it would start to shrink back. During the day, the open interest rose 25%. Massive funds surged in, but the whales are leaving. The account is down by 30%, and the position size is down by nearly a quarter. When it’s going up, “smart money” is reducing exposure. Whoever is taking the bag at this level—no need to say it.
The fees are still negative. The shorts are holding on. After a 25% rise, they’re still holding—holding longer means more loss, but holding more makes it harder for them to get out. This creates a situation where the shorts don’t die and the longs don’t stop. But taker volume shrank by 22%; when it was pushed to the highs, fewer people chased it, and it became increasingly harder to lift.
I don’t get it. On one side, open interest has exploded and huge funds are pouring in. On the other, the whales are running and trading activity is shrinking. At this point, who is right? Really can’t tell.
Chasing doesn’t feel right, and not chasing also doesn’t feel right. For now, I’ll just watch. With this kind of trend, both sides are uncomfortable—one side is afraid of missing the move, while the other is afraid of becoming the bag holder.
Let’s preview the ending in advance.
#sndk $SNDK