$SAND Morning meeting summary: The overall market made a mild recovery in the early session. BTC is around 86374 (+1.89%), ETH around 2724 (+1.22%); but SAND is weakening against the trend. Gate perpetual current price is about 0.07258, down about -2.93% in 24h. Day high 0.0808, day low 0.07222, with an intraday amplitude of about 11.9%; the current price sits roughly 4% above the day’s range low, basically hugging the day low. Trading notional is about 45.49 million U, funding rate is about -0.086% (settled every 8h). Shorts are paying longs; the funding is negative and noticeably worse than that of the mainstream.
The context is that the afterglow of the short-squeeze from the past two days is fading: earlier profit-taking positions exited as the broader market rebounded; the price kept sliding, while shorts were still paying fees to hold their positions. Volume isn’t weak, suggesting disagreement remains; however, combined with the price sticking near the day low and the funding rate being relatively negative, the odds for chasing shorts are not attractive anymore. Once shorts collectively cover, a rebound could arrive very quickly.
Trading conclusion: Around 0.0726, neither chase shorts nor rush to buy. If you want to go short, wait for a rebound to face resistance at 0.0755–0.0765 and then consider opening a small position. If you want to go long, at least wait for a breakout with volume back above 0.075 before reassessing. If it breaks below 0.0722 decisively, wait and observe; keep position sizing within 5% of principal.
The context is that the afterglow of the short-squeeze from the past two days is fading: earlier profit-taking positions exited as the broader market rebounded; the price kept sliding, while shorts were still paying fees to hold their positions. Volume isn’t weak, suggesting disagreement remains; however, combined with the price sticking near the day low and the funding rate being relatively negative, the odds for chasing shorts are not attractive anymore. Once shorts collectively cover, a rebound could arrive very quickly.
Trading conclusion: Around 0.0726, neither chase shorts nor rush to buy. If you want to go short, wait for a rebound to face resistance at 0.0755–0.0765 and then consider opening a small position. If you want to go long, at least wait for a breakout with volume back above 0.075 before reassessing. If it breaks below 0.0722 decisively, wait and observe; keep position sizing within 5% of principal.