$SOPH This 15m has broken the lower support line; it’s down 1.31%, volume is 1.5x, and the Z value is 2.38. It’s not a huge commotion, but the aggressive trade imbalance is -19.9%, and the buy/sell ratio is 0.67—the sell pressure is for real.
What’s interesting is the OI: over the 1h window it’s still +0.10%, yet the notional has decreased by 94K; on the 15m window the notional is down 72K. Price is falling while OI is decreasing—this is typical of long liquidation/deleveraging, with stop-losses or position reduction, not fresh shorts entering to smash it.
The abnormal percentile is 85.9%, rank #14 in the whole pool, with 24h turnover of 20.56M. This depth confirms that the range boundary has been touched: directionally there’s some bias, but OI hasn’t expanded accordingly. That suggests this move is more like passive deleveraging within existing positions, not a trend-driven shorting.
First, see whether this lower support can be reclaimed. If it can’t be reclaimed, there may still be another leg of deleveraging afterward.
What’s interesting is the OI: over the 1h window it’s still +0.10%, yet the notional has decreased by 94K; on the 15m window the notional is down 72K. Price is falling while OI is decreasing—this is typical of long liquidation/deleveraging, with stop-losses or position reduction, not fresh shorts entering to smash it.
The abnormal percentile is 85.9%, rank #14 in the whole pool, with 24h turnover of 20.56M. This depth confirms that the range boundary has been touched: directionally there’s some bias, but OI hasn’t expanded accordingly. That suggests this move is more like passive deleveraging within existing positions, not a trend-driven shorting.
First, see whether this lower support can be reclaimed. If it can’t be reclaimed, there may still be another leg of deleveraging afterward.