SPCX has again touched the 24-hour high at 139.76 near the doorstep, with the price trading above the two moving averages at 138.5. But this leg up was not driven by a barrage of buy orders: open interest jumped 7.5% in a day (from 212 million to 228 million), while the aggressive buy ratio was only 50.1%. In the past 7 hours, the buy volume was cut by 40%—money came in, but no gunfire.
No gunfire is exactly why it’s worth watching. With open interest rising but the funding rate frozen near zero: across 8 samples, there hasn’t been a single positive funding-rate print. The entrants don’t look like crowded leveraged retail longs—this long isn’t hot. In the same window, whale longs were added to 58.6%, then increased another 3.1% over the next 7 hours. These 7.5% of new positions are more likely big players setting up in advance than late breakout chasers lifting the car.
The sell wall above is indeed thicker than the buy wall (0.57:1), but the price has already shifted upward above 137.6, with four bullish candles and two bearish ones over the last 4 hours. I’m choosing longs on direction: as long as volume can push and break through 139.76, the target is around 145, betting on the ignition after accumulation.
But if the 4-hour close can’t reclaim 137.6, or if open interest turns down and the funding rate flips from zero to positive, I will immediately switch to short—because that would mean the new positions aren’t for a trap; they’re fuel for a long-for-kill cascade.
#spcx $SPCX
No gunfire is exactly why it’s worth watching. With open interest rising but the funding rate frozen near zero: across 8 samples, there hasn’t been a single positive funding-rate print. The entrants don’t look like crowded leveraged retail longs—this long isn’t hot. In the same window, whale longs were added to 58.6%, then increased another 3.1% over the next 7 hours. These 7.5% of new positions are more likely big players setting up in advance than late breakout chasers lifting the car.
The sell wall above is indeed thicker than the buy wall (0.57:1), but the price has already shifted upward above 137.6, with four bullish candles and two bearish ones over the last 4 hours. I’m choosing longs on direction: as long as volume can push and break through 139.76, the target is around 145, betting on the ignition after accumulation.
But if the 4-hour close can’t reclaim 137.6, or if open interest turns down and the funding rate flips from zero to positive, I will immediately switch to short—because that would mean the new positions aren’t for a trap; they’re fuel for a long-for-kill cascade.
#spcx $SPCX
