SOL today touched the day’s high at 106.16, and even with the 7-day figure still hanging at +13%. But in the contract system, the OI grading for it is bull_weak. Also, the open interest has not increased for the day—it’s down 0.83%.
What stands out even more is the spot market. In aggressive trades, there are 2,519 sell orders versus 463 buy orders—sell pressure is more than 5 times the buy-side. Over the past 3 hours, net outflows totaled 137,000, and out of 12 candlesticks only 2 are positive. The price is making a new day high, while the “big money” is withdrawing—putting these two together is a contradiction in itself.
The funding rate is still negative at -0.00014%, and even longs won’t pay a premium. In the spot market, the long/short margin ratio is piled up to 15:1. Among large-holder accounts, 67% are longs—fully invested, crowded longs are most afraid there’s no new money coming in. Right above 106 is the trapped long zone at 110.6, where the price was slammed down from. Today’s high looks more like distribution.
At this level, I’d go short directly. Targets are first 103.5, then 102.9. But if spot flips to net inflows over 3 hours, and price breaks out on volume and holds above 106.2 while OI rises along with it—then I’m wrong. I’ll stop out and flip long.
#sol $SOL
What stands out even more is the spot market. In aggressive trades, there are 2,519 sell orders versus 463 buy orders—sell pressure is more than 5 times the buy-side. Over the past 3 hours, net outflows totaled 137,000, and out of 12 candlesticks only 2 are positive. The price is making a new day high, while the “big money” is withdrawing—putting these two together is a contradiction in itself.
The funding rate is still negative at -0.00014%, and even longs won’t pay a premium. In the spot market, the long/short margin ratio is piled up to 15:1. Among large-holder accounts, 67% are longs—fully invested, crowded longs are most afraid there’s no new money coming in. Right above 106 is the trapped long zone at 110.6, where the price was slammed down from. Today’s high looks more like distribution.
At this level, I’d go short directly. Targets are first 103.5, then 102.9. But if spot flips to net inflows over 3 hours, and price breaks out on volume and holds above 106.2 while OI rises along with it—then I’m wrong. I’ll stop out and flip long.
#sol $SOL
