SOXS is now around 44.6u, and it rose nearly 9% in a day. The price has moved back above both the 20/50 moving averages, and the 4-hour trend is also pointing upward—so in the short term, it’s indeed strong.
But I won’t rush to chase it from here.
The issue is on the funding side. As the price is rising, the funding rate is still negative, which suggests this move is more driven by short covering than by genuine spot buying. Net inflows from spot large orders are basically flat—there’s no sign that one big candle represents a single chunk of fresh capital entering. Even the “whales” are contradictory: the number of accounts is increasing on the long side, but positions are actually cut by nearly 10%. Big players are borrowing the rebound to reduce exposure.
In plain terms, this is a sharp pull-up amplified by leverage, supported by an underlying lack of solid buy-side depth. A 3x product rises quickly—and it also pulls back quickly. The risk is not small.
So my stance is very clear: don’t chase. Wait for a pullback, see whether there’s someone stepping in, and then re-enter only after confirmation. Chasing at this kind of high point generally isn’t a great price-to-value setup.
#soxs $SOXS
But I won’t rush to chase it from here.
The issue is on the funding side. As the price is rising, the funding rate is still negative, which suggests this move is more driven by short covering than by genuine spot buying. Net inflows from spot large orders are basically flat—there’s no sign that one big candle represents a single chunk of fresh capital entering. Even the “whales” are contradictory: the number of accounts is increasing on the long side, but positions are actually cut by nearly 10%. Big players are borrowing the rebound to reduce exposure.
In plain terms, this is a sharp pull-up amplified by leverage, supported by an underlying lack of solid buy-side depth. A 3x product rises quickly—and it also pulls back quickly. The risk is not small.
So my stance is very clear: don’t chase. Wait for a pullback, see whether there’s someone stepping in, and then re-enter only after confirmation. Chasing at this kind of high point generally isn’t a great price-to-value setup.
#soxs $SOXS