SOXL is around 120u now. The past couple of days it dropped from 128 to 116; the low was arguably supported, but I didn’t see much strength in this rebound.
The main issue is funding. On the derivatives side, the active buy orders for seven hours shrank by nearly 40%. The buy-order share has been pushed down to under 30%. The sell orders that were dumped are more than twice the buy amount—every penny higher is hard to push, and it costs a lot.
On the spot side, not a single large order has come in. The order book still has slightly heavier sell pressure.
Something interesting on the big players’ side: in terms of account count, longs still outnumber shorts, but their positions shrank by around 10% over those seven hours. They’re calling it bullish, but in reality they’re trimming—classic “watching and withdrawing.”
The only clean signal is the funding rate: it’s still within a normal range and there’s no high-level risk like leverage overheating. On the 15-minute chart it can barely hold above the MA20, but the MA50 is still overhead pressing down. The 4-hour trend is overall ranging, and the daily chart direction hasn’t turned back.
My take: this isn’t a buy point—it’s a waiting-for-choice situation. Either 116 holds and when volume returns, we can look for the rebound; or if this low breaks, downside room will open up. Chasing longs here has mediocre value-for-money. Don’t rush to open shorts either—wait for funding to give the first clear signal.
#soxl $SOXL
The main issue is funding. On the derivatives side, the active buy orders for seven hours shrank by nearly 40%. The buy-order share has been pushed down to under 30%. The sell orders that were dumped are more than twice the buy amount—every penny higher is hard to push, and it costs a lot.
On the spot side, not a single large order has come in. The order book still has slightly heavier sell pressure.
Something interesting on the big players’ side: in terms of account count, longs still outnumber shorts, but their positions shrank by around 10% over those seven hours. They’re calling it bullish, but in reality they’re trimming—classic “watching and withdrawing.”
The only clean signal is the funding rate: it’s still within a normal range and there’s no high-level risk like leverage overheating. On the 15-minute chart it can barely hold above the MA20, but the MA50 is still overhead pressing down. The 4-hour trend is overall ranging, and the daily chart direction hasn’t turned back.
My take: this isn’t a buy point—it’s a waiting-for-choice situation. Either 116 holds and when volume returns, we can look for the rebound; or if this low breaks, downside room will open up. Chasing longs here has mediocre value-for-money. Don’t rush to open shorts either—wait for funding to give the first clear signal.
#soxl $SOXL