$SNXX Quick short-squeeze incoming—hit 12.38 and reached my target, but I’m going long at this position. The more it drops, the more wrong it feels.
The chart is indeed bearish: 24h -6%, broke below the 15-minute dual moving averages, and active sell orders make up 70%. But the contracts market tells a different story: open interest dropped 14.5% in a day while the price only fell 6%, and funding/fees went to zero. This wasn’t shorts opening fresh positions to smash it down. It’s capital/liquidation from earlier long positions being paid out—if shorts were the main aggressors, OI should rise, not shrink.
Who’s catching the drop? Whale accounts: longs are 69.8%, and over the past 7 hours they even raised exposure against the trend by 10.32%. On the position side, longs are 72.3%, higher than the whole market’s 66.6%. Retail is cutting, but big money is holding. Add to that: active-order trading volume shrank by 57% over 7 hours—the selling pressure is running out of steam.
My stance: go long. The 12.38–12.5 zone is both the prior low and the short’s target area. If the stop-loss/long-cut liquidation flush clears only down to here, the rebound odds are better than chasing a short. First target: look for a return above 12.85.
What would make me flip back to short: open interest expands again; it drops through 12.38 with volume and can’t reclaim it. That would mean the shorts are back in with new ammo and the long thesis is invalid—I’d reverse immediately. #snxx $SNXX
The chart is indeed bearish: 24h -6%, broke below the 15-minute dual moving averages, and active sell orders make up 70%. But the contracts market tells a different story: open interest dropped 14.5% in a day while the price only fell 6%, and funding/fees went to zero. This wasn’t shorts opening fresh positions to smash it down. It’s capital/liquidation from earlier long positions being paid out—if shorts were the main aggressors, OI should rise, not shrink.
Who’s catching the drop? Whale accounts: longs are 69.8%, and over the past 7 hours they even raised exposure against the trend by 10.32%. On the position side, longs are 72.3%, higher than the whole market’s 66.6%. Retail is cutting, but big money is holding. Add to that: active-order trading volume shrank by 57% over 7 hours—the selling pressure is running out of steam.
My stance: go long. The 12.38–12.5 zone is both the prior low and the short’s target area. If the stop-loss/long-cut liquidation flush clears only down to here, the rebound odds are better than chasing a short. First target: look for a return above 12.85.
What would make me flip back to short: open interest expands again; it drops through 12.38 with volume and can’t reclaim it. That would mean the shorts are back in with new ammo and the long thesis is invalid—I’d reverse immediately. #snxx $SNXX
