SNDK is around 1740 now—over the past 24 hours it’s up nearly 5%. In the morning it jumped straight from around 1660 to 1766. It looks pretty aggressive.
But I’m not in a rush to chase. The issue is liquidity.
At this contract level it’s a bit twisted: as price moves up, open interest actually shrinks—over the course of 7 hours it was cut by more than 5%. The funding rate is still negative. In active trades, the buy order share is less than half, and volume is still declining. In plain terms, this move looks more like short-covering pushing the price up—not fresh long money adding in with real size.
Looking at the order book too: in the top 20 levels, the sell orders are more than twice as thick as the buy orders. There’s also another row of sell orders stacked overhead. When price pushed up to 1774, it rolled over and failed to hold.
The trend itself isn’t broken—price is above the 20/50 moving averages, and on the 4-hour chart it’s still pointing UP. But this is a position that got pushed up by short-covering; the follow-through money didn’t keep up. So the risk-reward for chasing higher isn’t great.
So my stance is: observe first, don’t chase. Either wait for a pullback and see if someone can take it, or wait until open interest and the funding rate turn positive—proof that new longs have actually entered—then we can talk about adding.
#sndk $SNDK
But I’m not in a rush to chase. The issue is liquidity.
At this contract level it’s a bit twisted: as price moves up, open interest actually shrinks—over the course of 7 hours it was cut by more than 5%. The funding rate is still negative. In active trades, the buy order share is less than half, and volume is still declining. In plain terms, this move looks more like short-covering pushing the price up—not fresh long money adding in with real size.
Looking at the order book too: in the top 20 levels, the sell orders are more than twice as thick as the buy orders. There’s also another row of sell orders stacked overhead. When price pushed up to 1774, it rolled over and failed to hold.
The trend itself isn’t broken—price is above the 20/50 moving averages, and on the 4-hour chart it’s still pointing UP. But this is a position that got pushed up by short-covering; the follow-through money didn’t keep up. So the risk-reward for chasing higher isn’t great.
So my stance is: observe first, don’t chase. Either wait for a pullback and see if someone can take it, or wait until open interest and the funding rate turn positive—proof that new longs have actually entered—then we can talk about adding.
#sndk $SNDK