$SYN has shifted to bullish again, but I won’t chase this breakout. It finally broke through the 0.216—0.218 resistance zone that was left behind by the two highs on September 16. Recently, over the last full hour, it rose from 0.2199 to 0.2310, with a peak at 0.2362. The problem is that the hourly trading value is only about $4.17 million—actually 16% less than the previous hour. It’s not a clean breakout where both volume and price accelerate together.
In the last ~6 hours, open interest increased by about 4.9%. In the whole accounts, around 60% are short; in the top accounts, around 57% are also short. The funding rate is still only +0.005%. There’s still short-squeeze “fuel” above, but right now it looks more like: “the shorts haven’t left, but the bid is slowing down.” People chasing highs will end up helping the market test whether this is a real breakout or a fake one.
I only consider two ways to participate: a 15-minute breakout with above-normal volume closing above 0.2365 to confirm the second leg; or a pullback to 0.218—0.222 with reduced volume and a hold. If the 1-hour candle closes back below 0.214, the breakout thesis fails.$SYN #Synapse #SYNUSDT #Crypto
In the last ~6 hours, open interest increased by about 4.9%. In the whole accounts, around 60% are short; in the top accounts, around 57% are also short. The funding rate is still only +0.005%. There’s still short-squeeze “fuel” above, but right now it looks more like: “the shorts haven’t left, but the bid is slowing down.” People chasing highs will end up helping the market test whether this is a real breakout or a fake one.
I only consider two ways to participate: a 15-minute breakout with above-normal volume closing above 0.2365 to confirm the second leg; or a pullback to 0.218—0.222 with reduced volume and a hold. If the 1-hour candle closes back below 0.214, the breakout thesis fails.$SYN #Synapse #SYNUSDT #Crypto
