$SOPH This drop is kind of interesting: the price fell 0.7%, but OI also dropped. Both the 15m and 1h are reducing positions, and the notional change isn’t much—around 82K. This is typical of leverage being withdrawn, not of the shorts aggressively dumping.
Trading volume is up to 1.64x. The aggressive trade gap is -13.7%, and the buy/sell ratio is 0.76—sell pressure is showing up, but the magnitude isn’t that extreme. The key level is that the price broke below the lower edge of the past ~20 5m candles. This breakdown, together with the shrinking OI, looks more like longs cutting losses or de-leveraging themselves, rather than new short pressure.
The abnormal percentile is 72.2%, and it ranks #20 in the whole pool. It’s not like it’s especially chaotic, but within the current structure it’s worth keeping an eye on. If OI continues to fall and the price can’t hold, there may be another leg of deleveraging; if OI starts to rebound while price doesn’t drop, then this area may just be a washout. $SOPH
Trading volume is up to 1.64x. The aggressive trade gap is -13.7%, and the buy/sell ratio is 0.76—sell pressure is showing up, but the magnitude isn’t that extreme. The key level is that the price broke below the lower edge of the past ~20 5m candles. This breakdown, together with the shrinking OI, looks more like longs cutting losses or de-leveraging themselves, rather than new short pressure.
The abnormal percentile is 72.2%, and it ranks #20 in the whole pool. It’s not like it’s especially chaotic, but within the current structure it’s worth keeping an eye on. If OI continues to fall and the price can’t hold, there may be another leg of deleveraging; if OI starts to rebound while price doesn’t drop, then this area may just be a washout. $SOPH
