$SNXX rose 5.077% over the past 24 hours, with the price at 13.66 and trading volume of $250 million. The old dog glanced at the funding rate, and it was 0, which means neither longs nor shorts have to pay the other side, and there is no one-sided crowded bet in the market.
With a zero funding rate and a mild rise, the core logic is that open interest in the futures market is increasing. Current $SNXX OI is close to 1.93 million. Combined with the price increase, this shows that new money is actively opening long positions rather than old longs desperately holding on. Without a positive funding rate tax from overcrowding, the upward resistance should theoretically be smaller. But the issue is this: even after rising 5%, the funding rate has not turned positive. Whether the strength and confidence of the longs are sufficient to continue is an open question. At present, there is no secondary meme data from the same sector for comparison, so it is impossible to tell whether this is a sector rotation or an independent move by the coin.
So my view is that $SNXX is in the early stage of a mild uptrend, but it lacks a confirming signal from the funding rate, so its strength is still questionable. The key thing to watch next is whether the price can hold and break above the previous high. If it can push through the recent high around 13.8 with volume, while OI continues to grow and the funding rate turns positive, then the bulls will truly be in control.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SNXX #SNXXUSDT $SNXX
With a zero funding rate and a mild rise, the core logic is that open interest in the futures market is increasing. Current $SNXX OI is close to 1.93 million. Combined with the price increase, this shows that new money is actively opening long positions rather than old longs desperately holding on. Without a positive funding rate tax from overcrowding, the upward resistance should theoretically be smaller. But the issue is this: even after rising 5%, the funding rate has not turned positive. Whether the strength and confidence of the longs are sufficient to continue is an open question. At present, there is no secondary meme data from the same sector for comparison, so it is impossible to tell whether this is a sector rotation or an independent move by the coin.
So my view is that $SNXX is in the early stage of a mild uptrend, but it lacks a confirming signal from the funding rate, so its strength is still questionable. The key thing to watch next is whether the price can hold and break above the previous high. If it can push through the recent high around 13.8 with volume, while OI continues to grow and the funding rate turns positive, then the bulls will truly be in control.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SNXX #SNXXUSDT $SNXX