SNDK is now around 1609u. After this big bearish candle from 1711 down to 1545, prices climbed back above 1600.
First, look at the repair quality: price has reclaimed above the 15-minute dual moving averages. The short-term momentum has been contained. Out of the last six four-hour candles, four closed bearish, and then it started to flatten. In this selloff, the contract open interest shrank by 16% in a single day. The 1711 move was originally driven by the contract order book. Now, some of the leveraged funds have been squeezed out—actually not a bad thing.
But the issue is still liquidity. On the spot side, there was no single K-line in that whole window that turned net positive. Active trading is still dominated by sell orders. In the 20-level order book, buy and sell are basically balanced, with no clear buy wall. The funding rate is hovering near 0, and the bulls also didn’t dare to add back positions. Both sides are waiting.
The “whale” accounts are slightly net long, with the long/short ratio around 1.05. Over the last seven hours, they added less than a tenth of their position—so the action isn’t aggressive.
In plain terms, this is just a repair after a sharp drop, not a new leg up. To regain strength, you need to see spot capital entering, and trading volume picking up again. Relying on price climbing on its own isn’t enough.
At this level, I won’t chase long or short. Overhead, the sell pressure around that chunk from 1711 is still there; below, the 1545 low is holding it up. I’ll wait for capital to show its stance first. Once the direction becomes clear, then I’ll act.
#sndk $SNDK
First, look at the repair quality: price has reclaimed above the 15-minute dual moving averages. The short-term momentum has been contained. Out of the last six four-hour candles, four closed bearish, and then it started to flatten. In this selloff, the contract open interest shrank by 16% in a single day. The 1711 move was originally driven by the contract order book. Now, some of the leveraged funds have been squeezed out—actually not a bad thing.
But the issue is still liquidity. On the spot side, there was no single K-line in that whole window that turned net positive. Active trading is still dominated by sell orders. In the 20-level order book, buy and sell are basically balanced, with no clear buy wall. The funding rate is hovering near 0, and the bulls also didn’t dare to add back positions. Both sides are waiting.
The “whale” accounts are slightly net long, with the long/short ratio around 1.05. Over the last seven hours, they added less than a tenth of their position—so the action isn’t aggressive.
In plain terms, this is just a repair after a sharp drop, not a new leg up. To regain strength, you need to see spot capital entering, and trading volume picking up again. Relying on price climbing on its own isn’t enough.
At this level, I won’t chase long or short. Overhead, the sell pressure around that chunk from 1711 is still there; below, the 1545 low is holding it up. I’ll wait for capital to show its stance first. Once the direction becomes clear, then I’ll act.
#sndk $SNDK