SNDK is now around 1617, sitting right at today’s high. The 20- and 50-day moving averages are all under its feet, and the 4-hour trend is also pointing upward. Just looking at the price action, this move really is strong.
But the problem is: the money hasn’t followed. Open interest in the contracts shrank by about 10% in a day. The rise doesn’t look like fresh capital being stacked; it more looks like shorts are starting to call it quits. On the spot side, there hasn’t been a single net inflow from a large order. So the “quality” of this rally is something we should question.
There are good signs too. The big account long/short ratio is still above 1.14. The number of accounts on the seven-hour timeframe has also increased a lot, and positions have been piled up a bit as well—smart money hasn’t pulled out.
In plain terms, right now the price is strong, but there isn’t enough capital behind it. The funding/fee rate is sitting at 0, and the active buy orders aren’t even at full strength—more like about half. The bid-side “support” volume in the order book is also slightly thinner than the sell pressure, so the willingness to chase highs isn’t strong.
So at this level, I won’t chase it, and I’m also not in a hurry to short. Whether the rebound is reliable depends on what happens after a pullback: we need to see whether there’s someone stepping in to pick it up. Once it pulls back and holds steady, we can talk. Jumping in right now has mediocre cost-effectiveness.
#sndk $SNDK
But the problem is: the money hasn’t followed. Open interest in the contracts shrank by about 10% in a day. The rise doesn’t look like fresh capital being stacked; it more looks like shorts are starting to call it quits. On the spot side, there hasn’t been a single net inflow from a large order. So the “quality” of this rally is something we should question.
There are good signs too. The big account long/short ratio is still above 1.14. The number of accounts on the seven-hour timeframe has also increased a lot, and positions have been piled up a bit as well—smart money hasn’t pulled out.
In plain terms, right now the price is strong, but there isn’t enough capital behind it. The funding/fee rate is sitting at 0, and the active buy orders aren’t even at full strength—more like about half. The bid-side “support” volume in the order book is also slightly thinner than the sell pressure, so the willingness to chase highs isn’t strong.
So at this level, I won’t chase it, and I’m also not in a hurry to short. Whether the rebound is reliable depends on what happens after a pullback: we need to see whether there’s someone stepping in to pick it up. Once it pulls back and holds steady, we can talk. Jumping in right now has mediocre cost-effectiveness.
#sndk $SNDK