SPCX is currently around 133.6u, with the past 24 hours up nearly 4 points. It’s steadily holding above the MA20 and MA50, and both the 4h and daily charts are in a bullish direction.
On the surface it looks pretty smooth, but there’s one thing on the derivatives side that makes me hesitate to chase it directly.
In a single day, open interest jumped by more than 38%, yet the price didn’t move as much. When open interest piles up this fast, it suggests a large number of new positions are entering—more like leveraging/derivatives inflow rather than a pure spot-driven rally. What’s even more uncomfortable is the aggressive trading data: sell volume is still holding down against buy volume, the aggressive long/short ratio is below the equilibrium line, and the funding rate is still hovering right near the zero line without turning positive.
To put it simply, the trend is indeed up, but the capital structure driving this leg higher feels a bit flimsy. Long positions are building quickly, but they lack funding-rate support and follow-through from active buyers. This kind of rally tends to chop and grind back and forth when price is already high.
So at this level, I won’t chase. The trend is there, but the chase-higher value isn’t great. I’d rather wait for a pullback that can be defended, or for the funding rate to turn positive and for active buying to pick up—then entering will feel much more comfortable.
For now, I’ll observe and let the capital pick a direction.
#spcx $SPCX
On the surface it looks pretty smooth, but there’s one thing on the derivatives side that makes me hesitate to chase it directly.
In a single day, open interest jumped by more than 38%, yet the price didn’t move as much. When open interest piles up this fast, it suggests a large number of new positions are entering—more like leveraging/derivatives inflow rather than a pure spot-driven rally. What’s even more uncomfortable is the aggressive trading data: sell volume is still holding down against buy volume, the aggressive long/short ratio is below the equilibrium line, and the funding rate is still hovering right near the zero line without turning positive.
To put it simply, the trend is indeed up, but the capital structure driving this leg higher feels a bit flimsy. Long positions are building quickly, but they lack funding-rate support and follow-through from active buyers. This kind of rally tends to chop and grind back and forth when price is already high.
So at this level, I won’t chase. The trend is there, but the chase-higher value isn’t great. I’d rather wait for a pullback that can be defended, or for the funding rate to turn positive and for active buying to pick up—then entering will feel much more comfortable.
For now, I’ll observe and let the capital pick a direction.
#spcx $SPCX