$SNXX rose 3.076% over the past 24 hours, with the price reaching 17.76 and trading volume at $85.71 million. I took a look at the funding rate, and it was zero. It went up, but neither longs nor shorts have to pay anything, which is pretty rare. That suggests that in this rally, neither side has built a clear position advantage.
OI of $2.35 million didn’t surge along with the price. Combined with the zero funding rate, this looks more like a move pushed up by spot buying or quick in-and-out futures buying, rather than a sustained long squeeze. I didn’t see comparison data for other names in the same sector, so without corroboration, the sustainability of this move is questionable.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SNXX #SNXXUSDT $SNXX
OI of $2.35 million didn’t surge along with the price. Combined with the zero funding rate, this looks more like a move pushed up by spot buying or quick in-and-out futures buying, rather than a sustained long squeeze. I didn’t see comparison data for other names in the same sector, so without corroboration, the sustainability of this move is questionable.
Trading tag: #BinanceFutures #TradFi #USDⓈM #SNXX #SNXXUSDT $SNXX