SKHY is now around 163.7u; in the past 24 hours it has surged nearly 8%, directly topping out at the 24-hour high of 167 and leaving the feet under it.
First, the conclusion: the market is genuinely strong, but at this level I won’t chase—I'll wait and watch.
On the price side, there’s not much to pick apart. From the low at 150, it rebounded sharply in one go, and it has regained the short- and medium-term moving averages. On the four-hour chart, the trend is still pointing upward. The problem is on the contract side—in one day, open interest was cut by more than 12%. The contract’s proactive buy order volume only accounts for 42%, while the sell side is actually pressing down. It’s rallying aggressively, but the leveraged funds haven’t kept up. In plain terms, this move is spot markets getting hard-pressed to absorb it.
Large players are also starting to back off. The long/short account ratio has dropped by nearly 10% over the past seven hours. During the upswing, the main force did not continue to add positions.
The good news is that the spot order book hasn’t broken. Among the top 20 levels, buy orders are about 50% thicker than sell orders below—there is clearly support, and that’s why the price can hold.
So my stance is: slightly bullish on direction, but the risk-reward for chasing long here isn’t great. Either wait for a pullback and confirmation that there are still buyers, or wait for contract-side funds to re-enter before following. The worst case is that the spot side loosens and there’s no follow-through from the contract side—then volatility will immediately expand.
#skhy $SKHY
First, the conclusion: the market is genuinely strong, but at this level I won’t chase—I'll wait and watch.
On the price side, there’s not much to pick apart. From the low at 150, it rebounded sharply in one go, and it has regained the short- and medium-term moving averages. On the four-hour chart, the trend is still pointing upward. The problem is on the contract side—in one day, open interest was cut by more than 12%. The contract’s proactive buy order volume only accounts for 42%, while the sell side is actually pressing down. It’s rallying aggressively, but the leveraged funds haven’t kept up. In plain terms, this move is spot markets getting hard-pressed to absorb it.
Large players are also starting to back off. The long/short account ratio has dropped by nearly 10% over the past seven hours. During the upswing, the main force did not continue to add positions.
The good news is that the spot order book hasn’t broken. Among the top 20 levels, buy orders are about 50% thicker than sell orders below—there is clearly support, and that’s why the price can hold.
So my stance is: slightly bullish on direction, but the risk-reward for chasing long here isn’t great. Either wait for a pullback and confirmation that there are still buyers, or wait for contract-side funds to re-enter before following. The worst case is that the spot side loosens and there’s no follow-through from the contract side—then volatility will immediately expand.
#skhy $SKHY