SKY is looking interesting here. Over 15m, price fell 0.74% and volume jumped to 3.52x, but OI is rising instead—the 1h contracts are up 0.53%. Price is getting pushed down while open interest piles up. This is most likely new shorts entering, not old longs capitulating.
On top of that, the closing price has already broken below the lows of the last 20 or so 5m candles, effectively wiping out that small short-term consolidation range. Funding is still in a high percentile relative to recent levels. Shorts are paying funding while pushing the price down, which suggests they aren’t just farming funding—they genuinely think it’s going lower.
Aggressive trade imbalance is 10.9%, and the buy/sell ratio is 1.24. The order book shows buyers with a slight edge, which makes things a bit conflicted. Price is falling, but aggressive buyers are stepping in. Either someone is accumulating down here, or the shorts haven’t hit hard enough yet and the longs are holding their ground.
My take: this divergence will either be resolved quickly by a sharp wick, or price will just chop sideways here for a while. Fresh short leverage has only just come in, so we’re not at the point of panic liquidations yet. But buying pressure isn’t weak, so chasing shorts doesn’t look like a great risk-reward trade. I’ll keep watching for now and wait for volume to confirm again.
$SKY
On top of that, the closing price has already broken below the lows of the last 20 or so 5m candles, effectively wiping out that small short-term consolidation range. Funding is still in a high percentile relative to recent levels. Shorts are paying funding while pushing the price down, which suggests they aren’t just farming funding—they genuinely think it’s going lower.
Aggressive trade imbalance is 10.9%, and the buy/sell ratio is 1.24. The order book shows buyers with a slight edge, which makes things a bit conflicted. Price is falling, but aggressive buyers are stepping in. Either someone is accumulating down here, or the shorts haven’t hit hard enough yet and the longs are holding their ground.
My take: this divergence will either be resolved quickly by a sharp wick, or price will just chop sideways here for a while. Fresh short leverage has only just come in, so we’re not at the point of panic liquidations yet. But buying pressure isn’t weak, so chasing shorts doesn’t look like a great risk-reward trade. I’ll keep watching for now and wait for volume to confirm again.
$SKY