SNDK is currently around 1663. A few days ago it climbed all the way from 1330 to 1633, gaining more than twenty-odd points. But these past two days it’s been stuck grinding in the range of 1649 to 1673—only up about 0.6% over 24 hours. That momentum is clearly gone.
First, look at the position. Price is still above the 20-day and 50-day moving averages. In the 4-hour chart it hasn’t broken down decisively. When it pulls back to around 1650, there are people stepping in to buy. Even the spot order book shows the bid side is still a bit thicker than the ask side. In plain terms, the achievement of that big bullish candle has been defended—it hasn’t been smashed back down.
But here’s the issue: there isn’t enough fuel to push higher. In the futures market, the proportion of active buying is only about 35%. Over the last 7 hours, the buy volume was cut by a large chunk, and the funding rate has stayed hovering around the zero line, slightly negative. There’s been no sign of the bulls adding more money. Look at the big accounts too: the long-position share in their accounts is even a bit lower than the whole market average, and their positions have been trimmed slightly—no one is adding aggressively at this level.
So I’m still watching from the sidelines. As long as this level doesn’t break down, it looks relatively strong. But if it’s going to move higher, we need to wait for the active-buying interest in the contracts to return and for the funding rate to turn positive. If these keep not improving, the price will most likely continue to grind; and if it grinds for too long, it becomes easier for it to leak downward.
Chasing longs is not a great value right now. It’s more comfortable to wait for a pullback or for a breakout with increased volume.
#sndk $SNDK
First, look at the position. Price is still above the 20-day and 50-day moving averages. In the 4-hour chart it hasn’t broken down decisively. When it pulls back to around 1650, there are people stepping in to buy. Even the spot order book shows the bid side is still a bit thicker than the ask side. In plain terms, the achievement of that big bullish candle has been defended—it hasn’t been smashed back down.
But here’s the issue: there isn’t enough fuel to push higher. In the futures market, the proportion of active buying is only about 35%. Over the last 7 hours, the buy volume was cut by a large chunk, and the funding rate has stayed hovering around the zero line, slightly negative. There’s been no sign of the bulls adding more money. Look at the big accounts too: the long-position share in their accounts is even a bit lower than the whole market average, and their positions have been trimmed slightly—no one is adding aggressively at this level.
So I’m still watching from the sidelines. As long as this level doesn’t break down, it looks relatively strong. But if it’s going to move higher, we need to wait for the active-buying interest in the contracts to return and for the funding rate to turn positive. If these keep not improving, the price will most likely continue to grind; and if it grinds for too long, it becomes easier for it to leak downward.
Chasing longs is not a great value right now. It’s more comfortable to wait for a pullback or for a breakout with increased volume.
#sndk $SNDK