SUI, this drop is kind of interesting.
That recent 15-minute candle directly pierced the lower edge of a range formed by nearly 20 five-minute candles. Price fell 0.8%, but volume surged to 2.5x. Aggressive buy orders were driven through, and the buy-to-sell ratio is only 0.52—clear evidence that the shorts are clearly in control.
That said, what I care more about is the derivatives side—open interest at the 15-minute and 1-hour levels is both trending down in sync. Notional exposure has shrunk by several million U, suggesting this isn’t new short capital flooding in. It looks more like longs are actively deleveraging and liquidating.
What’s particularly interesting is that the abnormal percentile for OI has already shot up to 95%. The whole pool seems to be watching this level.
Right now, SUI’s short-term price is sitting at the edge of its own historical extreme range—whether this is the start of a new round of downside or a buy point after a leverage washout is highly disputed. The only thing that’s certain is: if price continues to move with decreasing volume, there may be a second test of the downside risk. But if volume expands and price reclaims the range, shorts also need to be careful about getting “punched back.”
No more to say—it's a delicate tape. Keep your hands in your pockets. $SUI
That recent 15-minute candle directly pierced the lower edge of a range formed by nearly 20 five-minute candles. Price fell 0.8%, but volume surged to 2.5x. Aggressive buy orders were driven through, and the buy-to-sell ratio is only 0.52—clear evidence that the shorts are clearly in control.
That said, what I care more about is the derivatives side—open interest at the 15-minute and 1-hour levels is both trending down in sync. Notional exposure has shrunk by several million U, suggesting this isn’t new short capital flooding in. It looks more like longs are actively deleveraging and liquidating.
What’s particularly interesting is that the abnormal percentile for OI has already shot up to 95%. The whole pool seems to be watching this level.
Right now, SUI’s short-term price is sitting at the edge of its own historical extreme range—whether this is the start of a new round of downside or a buy point after a leverage washout is highly disputed. The only thing that’s certain is: if price continues to move with decreasing volume, there may be a second test of the downside risk. But if volume expands and price reclaims the range, shorts also need to be careful about getting “punched back.”
No more to say—it's a delicate tape. Keep your hands in your pockets. $SUI