$ON At dawn, this move is a bit interesting 🤔
On the 15m chart it directly surged 1%. Volume increased to 1.5x, and at close it even forcibly pushed through the upper boundary of the range that’s been formed by nearly 20 consecutive 5m K-lines.
More noteworthy is that OI is rising in sync—both the 15m and 1h contracts are adding positions, with nominal change of about 1.3%, and the abnormal percentile shot straight to 89%. This looks more like new leveraged longs entering and pushing the price, rather than a kind of fake breakout caused by short covering.
The aggressive traded volume gap is up 46%, the buy/sell ratio is 2.71, and the buy side on the order book clearly has the advantage—directionality is quite strong.
It ranks 7th in abnormal pool performance, and attention from funds is definitely there. The 24h traded volume is only around 12M, not huge, but when you put the strength of this aggressive buying together with the structure break, the short-term momentum being bullish is real.
That said, at 4 a.m. liquidity is naturally thin—when chasing higher prices, watch your position size, and don’t get tricked into standing guard by a single big bullish candle.
How far this breakout at $ON can go depends on whether, on the pullback, it can hold the range’s upper boundary.
On the 15m chart it directly surged 1%. Volume increased to 1.5x, and at close it even forcibly pushed through the upper boundary of the range that’s been formed by nearly 20 consecutive 5m K-lines.
More noteworthy is that OI is rising in sync—both the 15m and 1h contracts are adding positions, with nominal change of about 1.3%, and the abnormal percentile shot straight to 89%. This looks more like new leveraged longs entering and pushing the price, rather than a kind of fake breakout caused by short covering.
The aggressive traded volume gap is up 46%, the buy/sell ratio is 2.71, and the buy side on the order book clearly has the advantage—directionality is quite strong.
It ranks 7th in abnormal pool performance, and attention from funds is definitely there. The 24h traded volume is only around 12M, not huge, but when you put the strength of this aggressive buying together with the structure break, the short-term momentum being bullish is real.
That said, at 4 a.m. liquidity is naturally thin—when chasing higher prices, watch your position size, and don’t get tricked into standing guard by a single big bullish candle.
How far this breakout at $ON can go depends on whether, on the pullback, it can hold the range’s upper boundary.