SNXX is now around 10.4u. At this spot, over the past four hours it has gained nearly 7 points, and over 24 hours it’s up about 8 points—short-term momentum is definitely strong.
Price is sitting above the 50-day moving average. On the four-hour chart, both daily-direction bars have pinned in favor of the bulls. The active buy-side makes up more than 60%, and buy volume is nearly one and a half times the sell volume—this attacking capital is real, not a fake pump.
But the issue lies on the futures side. Open interest over a day has been cut by nearly 20%. As price moves higher, total leverage is actually shrinking. This combination of “price up, positions down” is more like a squeeze or liquidation-forcing push, rather than fresh money coming in to keep building positions. In plain terms, how far this move can go depends on whether the following capital can stay committed.
Also, at this level it’s hugging the 24h high. On the 15-minute chart, it’s just below the 20-day moving average. The risk-reward of chasing higher here isn’t great. Over at the whale account, the trend over the past seven days is also decreasing—though positions are still being held up, the attitude is less resolute now.
The trend hasn’t turned bad, and I still lean bullish on direction. But this level isn’t cheap. If you want to get on board, don’t chase—wait for a pullback. If you can enter again after it holds around the 50-day moving average, it will feel much more comfortable.
#snxx $SNXX
Price is sitting above the 50-day moving average. On the four-hour chart, both daily-direction bars have pinned in favor of the bulls. The active buy-side makes up more than 60%, and buy volume is nearly one and a half times the sell volume—this attacking capital is real, not a fake pump.
But the issue lies on the futures side. Open interest over a day has been cut by nearly 20%. As price moves higher, total leverage is actually shrinking. This combination of “price up, positions down” is more like a squeeze or liquidation-forcing push, rather than fresh money coming in to keep building positions. In plain terms, how far this move can go depends on whether the following capital can stay committed.
Also, at this level it’s hugging the 24h high. On the 15-minute chart, it’s just below the 20-day moving average. The risk-reward of chasing higher here isn’t great. Over at the whale account, the trend over the past seven days is also decreasing—though positions are still being held up, the attitude is less resolute now.
The trend hasn’t turned bad, and I still lean bullish on direction. But this level isn’t cheap. If you want to get on board, don’t chase—wait for a pullback. If you can enter again after it holds around the 50-day moving average, it will feel much more comfortable.
#snxx $SNXX