$SKYAI is looking pretty bearish.
It dropped 7% in just 15 minutes, with volume surging to more than 16 times the average and a Z-score of 8.61. Selling pressure on the order book is heavy—the taker flow delta is -27.9%, and the buy/sell ratio is just 0.56. Someone is clearly dumping.
What’s interesting is the OI. The price is falling, but open interest is rising: +0.74% over 1 hour, at the 99.6th percentile for anomalies and ranking second across the entire pool. The -353K in notional change is mostly due to the price drop; actual positions are increasing. This looks more like new shorts entering with leverage than existing longs capitulating.
Funding is still in a high percentile relative to recent levels, so short sellers are willing to pay to get in.
The latest close broke below the lower bound of the last 20 five-minute candles, wrapping up that brief consolidation. At this pace, I’m not in a hurry to catch the falling knife. I’ll wait for funding to come back down to neutral, then see if there’s a chance of a rebound.
It dropped 7% in just 15 minutes, with volume surging to more than 16 times the average and a Z-score of 8.61. Selling pressure on the order book is heavy—the taker flow delta is -27.9%, and the buy/sell ratio is just 0.56. Someone is clearly dumping.
What’s interesting is the OI. The price is falling, but open interest is rising: +0.74% over 1 hour, at the 99.6th percentile for anomalies and ranking second across the entire pool. The -353K in notional change is mostly due to the price drop; actual positions are increasing. This looks more like new shorts entering with leverage than existing longs capitulating.
Funding is still in a high percentile relative to recent levels, so short sellers are willing to pay to get in.
The latest close broke below the lower bound of the last 20 five-minute candles, wrapping up that brief consolidation. At this pace, I’m not in a hurry to catch the falling knife. I’ll wait for funding to come back down to neutral, then see if there’s a chance of a rebound.