SNXX is currently around 15u. This run from 10 to 17 only took a week. Yesterday, a single big bearish candle pushed it all the way from 17 down to 14. Today it has bounced back slightly again.
First, the most striking part: the open interest shrank by nearly a quarter in one day. The leverage pulled up by this fast rally has basically been washed out by this one bearish candle.
What’s interesting is the actions of the large players. From the account-count perspective things look slightly smaller, but the position-size perspective actually added more than seven percentage points—over 60% of positions are still betting on longs. Money is firm, while people are withdrawing; the positions haven’t really been withdrawn.
On the price level: the 15-minute chart has reclaimed the MA20, and on the 4-hour chart it bounced back by more than three percentage points. The low at 14 is temporarily being held. But the daily and 4-hour trends are still DOWN, and price is still trading below the MA50 (around 15.07). On the spot side, I also haven’t seen any clear return of large orders.
In plain terms, this is a spot where the "leverage has been washed out, but the direction hasn’t been chosen yet." The risk for the crowded longs is much lower now, but whether the buying pressure can continue is still unanswered.
My approach: don’t chase. First, see whether 14–14.3 can hold. Only if the price reclaims above 15.1 should you consider the opportunity. This coin is a two-times leveraged ETF—volatility is naturally amplified. Wait for confirmation; it’s more comfortable than抢反弹.
#snxx $SNXX
First, the most striking part: the open interest shrank by nearly a quarter in one day. The leverage pulled up by this fast rally has basically been washed out by this one bearish candle.
What’s interesting is the actions of the large players. From the account-count perspective things look slightly smaller, but the position-size perspective actually added more than seven percentage points—over 60% of positions are still betting on longs. Money is firm, while people are withdrawing; the positions haven’t really been withdrawn.
On the price level: the 15-minute chart has reclaimed the MA20, and on the 4-hour chart it bounced back by more than three percentage points. The low at 14 is temporarily being held. But the daily and 4-hour trends are still DOWN, and price is still trading below the MA50 (around 15.07). On the spot side, I also haven’t seen any clear return of large orders.
In plain terms, this is a spot where the "leverage has been washed out, but the direction hasn’t been chosen yet." The risk for the crowded longs is much lower now, but whether the buying pressure can continue is still unanswered.
My approach: don’t chase. First, see whether 14–14.3 can hold. Only if the price reclaims above 15.1 should you consider the opportunity. This coin is a two-times leveraged ETF—volatility is naturally amplified. Wait for confirmation; it’s more comfortable than抢反弹.
#snxx $SNXX