SNDK is now around 1681. The spike higher earlier has been slammed back down. This run pushed all the way to the high at 1826, but yesterday a long upper wick formed and above 1800 it was immediately driven back to 1686. Today it’s still grinding lower—price has already been pushed below the 20-line at 1703 and the 50-line at 1742. In the last 4 hours, 4 out of 6 candlesticks are weak, and the daily trend has also turned downward.
Once the structure breaks, you have to follow the logic of a breakdown. The key is positioning: over the past day, open interest rose 15%, but over the most recent 7 hours it actually shrank by nearly 7%. Price is falling while positioning is being withdrawn—this suggests the longs aren’t stepping in to catch it; they’re running for the exits. This is the hardest kind of spot to endure: the drop may not be violent, but it can keep grinding lower in bearish slow motion.
The order book does have a hint of bargain-hunting: buy-side orders make up 52%, trading activity over the past seven hours has also picked up by 35%, and the 20-lot depth bid wall on the spot side is a bit thicker too. But with only that level of buying strength, at most it looks like someone is testing the waters—it can’t support a trend repair. On top of that, the funding rates have been negative the whole way, meaning the contract-side shorts are the real protagonists. This rally didn’t rely on leveraged longs in the first place; after the breakdown, it won’t turn into that kind of rapid, chain-reaction liquidation selloff. It’s more likely to just grind lower slowly.
My stance is very clear: this long-side rhythm is over. I’m treating it as bearish. Any rebounds should first be considered rebounds—not something to chase. Don’t go long, and definitely don’t急着接刀 in the early stage of a breakdown. Wait until price gets back above the 20-line and open interest stabilizes and starts rising again—that’s when the trend is truly back. Then we’ll reassess.
#sndk $SNDK
Once the structure breaks, you have to follow the logic of a breakdown. The key is positioning: over the past day, open interest rose 15%, but over the most recent 7 hours it actually shrank by nearly 7%. Price is falling while positioning is being withdrawn—this suggests the longs aren’t stepping in to catch it; they’re running for the exits. This is the hardest kind of spot to endure: the drop may not be violent, but it can keep grinding lower in bearish slow motion.
The order book does have a hint of bargain-hunting: buy-side orders make up 52%, trading activity over the past seven hours has also picked up by 35%, and the 20-lot depth bid wall on the spot side is a bit thicker too. But with only that level of buying strength, at most it looks like someone is testing the waters—it can’t support a trend repair. On top of that, the funding rates have been negative the whole way, meaning the contract-side shorts are the real protagonists. This rally didn’t rely on leveraged longs in the first place; after the breakdown, it won’t turn into that kind of rapid, chain-reaction liquidation selloff. It’s more likely to just grind lower slowly.
My stance is very clear: this long-side rhythm is over. I’m treating it as bearish. Any rebounds should first be considered rebounds—not something to chase. Don’t go long, and definitely don’t急着接刀 in the early stage of a breakdown. Wait until price gets back above the 20-line and open interest stabilizes and starts rising again—that’s when the trend is truly back. Then we’ll reassess.
#sndk $SNDK