59% of people are shorting MAGMA, and it backfired.
Today’s number is quite interesting: the short ratio is 58.95%, while longs are only 41%. By common sense, the coins most people are shorting should go down—but MAGMA is up 42% today, topping out at 0.529.
This is one of the market’s classic lessons: when most people take the same side, they become the fuel. The more concentrated the shorts are, the greater the forced-cover pressure when price moves upward, which in turn pushes the price higher.
Volume is speaking too. Trading volume today is $160 million—several times yesterday’s figure. The market has been broadly stronger over the past 8 hours. From the candlesticks, the volume on each candle has been increasing; however, the last candle’s volume shrank instead, suggesting the bullish momentum may be starting to release.
Right now, the funding rate is 0.036%, which is elevated but not yet extreme. If shorts continue to hold up the pressure, the next squeeze could come at any time. But if the funding rate keeps climbing, the cost for longs will accumulate too, and the price action may gradually calm down.
Keep an eye on changes in short positions—only if a large number of shorts capitulate and exit can this run be considered truly over.
$MAGMA #空头挤压 #42%涨幅
Click the small card below to quickly view the行情👇
Today’s number is quite interesting: the short ratio is 58.95%, while longs are only 41%. By common sense, the coins most people are shorting should go down—but MAGMA is up 42% today, topping out at 0.529.
This is one of the market’s classic lessons: when most people take the same side, they become the fuel. The more concentrated the shorts are, the greater the forced-cover pressure when price moves upward, which in turn pushes the price higher.
Volume is speaking too. Trading volume today is $160 million—several times yesterday’s figure. The market has been broadly stronger over the past 8 hours. From the candlesticks, the volume on each candle has been increasing; however, the last candle’s volume shrank instead, suggesting the bullish momentum may be starting to release.
Right now, the funding rate is 0.036%, which is elevated but not yet extreme. If shorts continue to hold up the pressure, the next squeeze could come at any time. But if the funding rate keeps climbing, the cost for longs will accumulate too, and the price action may gradually calm down.
Keep an eye on changes in short positions—only if a large number of shorts capitulate and exit can this run be considered truly over.
$MAGMA #空头挤压 #42%涨幅
Click the small card below to quickly view the行情👇
