SNDK was topping out at 1585 yesterday. A single 4-hour long bearish candle dropped straight to 1459, and over the past 24 hours it’s down 4%. What’s strange is that the contract orders didn’t fall—in fact they increased. OI rose by 17.84% in one day. The harder it drops, the more people open positions.
Most of these orders are long. Across the whole market, 76.5% of accounts are positioned long, and the funding rate has turned positive to 0.023%—longs are currently paying to hold positions. But over the past 7 hours, the whale accounts have cut longs by 2.5%. Big players are stepping back while leveraged retail is stepping in. The more crowded the position, the more dangerous it gets.
Both the 4h and daily are DOWN. Price is sitting below the two moving averages. That big bearish candle from the failed top is the tone-setter. The combination of OI rising while price falls isn’t a bottom signal—it’s catching a falling knife and adding to being stuck in a loss. The order book has 3.4x deeper buy liquidity, and the active buyer side is slightly stronger, so it can hold up for a bit, but it can’t support a trend.
So here I’m going short, and first I’m watching for a break below the 24-hour low at 1457.
There’s only one condition for a reversal: price reclaims above 1484, or spot sees a large net inflow—proving the buyer is real money. Only then would I flip long. Otherwise, I’ll hold the short.
#sndk $SNDK
Most of these orders are long. Across the whole market, 76.5% of accounts are positioned long, and the funding rate has turned positive to 0.023%—longs are currently paying to hold positions. But over the past 7 hours, the whale accounts have cut longs by 2.5%. Big players are stepping back while leveraged retail is stepping in. The more crowded the position, the more dangerous it gets.
Both the 4h and daily are DOWN. Price is sitting below the two moving averages. That big bearish candle from the failed top is the tone-setter. The combination of OI rising while price falls isn’t a bottom signal—it’s catching a falling knife and adding to being stuck in a loss. The order book has 3.4x deeper buy liquidity, and the active buyer side is slightly stronger, so it can hold up for a bit, but it can’t support a trend.
So here I’m going short, and first I’m watching for a break below the 24-hour low at 1457.
There’s only one condition for a reversal: price reclaims above 1484, or spot sees a large net inflow—proving the buyer is real money. Only then would I flip long. Otherwise, I’ll hold the short.
#sndk $SNDK
