Put the bearish narrative on hold first—this round’s positioning and price are clearly tightly aligned, pushing upward with one force. The contract open interest for $PANW surged sharply within a single day. The number of orders being actively lifted is nearly twice that of sell orders. The price has stepped back over the short moving averages one by one, and large-accounts have already flipped long as well. The most comfortable part is that the funding rate is still lying on the ground and hasn’t heated up yet—this move is purely the buy side hard-pushing it up. The longs haven’t paid even a small price yet. The more I look at this, the more excited I get. If anyone halfway thought about bailing, they’ll find that in the end it was all wasted effort.