60% of people are shorting—and it still surged by 57%.
MAGMA’s price action today is kind of interesting—within 24 hours, it jumped from a low of 0.344 straight to a high of 0.580, a gain of nearly 57%. Trading volume is $215 million, and liquidity looks fine.
But take a look at the long/short ratio: shorts make up 60.2%, while longs are only 39.8%.
Most people bet it would drop, yet it ended up forcing a squeeze instead. This kind of “going against most people” is pretty common in the derivatives market—when shorts are too crowded, even a slight upward push can trigger large-scale liquidations, which in turn drives the price up even faster.
The 8-hour candlestick chart shows an overall uptrend, and the final candle closed as a strong bullish candle.
However, the funding rate is +0.036%, not extreme—suggesting the longs are willing to pay a bit of premium to hold positions, but it’s not to the point of frenzy.
The question now is: will those 60% of shorts keep holding on, or will they gradually give up and close out—then give the price another push?
Watch the resistance around the 0.58 high point. If the trading volume continues to support it, that’s when it becomes a real signal.
$MAGMA #空头陷阱 #57% rocket surge
Click the small card below to quickly view the market trend👇
MAGMA’s price action today is kind of interesting—within 24 hours, it jumped from a low of 0.344 straight to a high of 0.580, a gain of nearly 57%. Trading volume is $215 million, and liquidity looks fine.
But take a look at the long/short ratio: shorts make up 60.2%, while longs are only 39.8%.
Most people bet it would drop, yet it ended up forcing a squeeze instead. This kind of “going against most people” is pretty common in the derivatives market—when shorts are too crowded, even a slight upward push can trigger large-scale liquidations, which in turn drives the price up even faster.
The 8-hour candlestick chart shows an overall uptrend, and the final candle closed as a strong bullish candle.
However, the funding rate is +0.036%, not extreme—suggesting the longs are willing to pay a bit of premium to hold positions, but it’s not to the point of frenzy.
The question now is: will those 60% of shorts keep holding on, or will they gradually give up and close out—then give the price another push?
Watch the resistance around the 0.58 high point. If the trading volume continues to support it, that’s when it becomes a real signal.
$MAGMA #空头陷阱 #57% rocket surge
Click the small card below to quickly view the market trend👇
