Today’s move in RLC isn’t an ordinary rebound. When checked on Binance, RLC/USDT spot was around $0.914, up 140.4% in 24 hours, with a high of $0.9434 and trading volume of about 47.6 million USDT. More notable, perpetual open interest climbed from around 4.05 million tokens to about 28.01 million, nearly 6.9 times higher. The latest funding rate is still negative, and the top traders’ long/short position ratio is about 0.93, meaning shorts have a slight edge. Prices are rising and leverage is increasing, yet shorts haven’t fully backed down—that’s the most important dynamic today.

But I wouldn’t describe this move outright as “a sudden, huge project catalyst.” The latest blog post currently available on the iExec website still focuses on earlier topics such as privacy computing, RLC utility, and the roadmap. I haven’t seen a major announcement from today that directly explains the surge. So a more reasonable take is that position squeezes likely contributed to the rise, but correlation shouldn’t be presented as causation.

Next, let’s look directly at the price. 0.9434 is today’s high and the first confirmation level; only if price breaks above it on strong volume and holds there does 1.00 become a reasonable next target to discuss. Below, I’m watching 0.87: as long as it holds near that level, while the funding rate stays negative and OI doesn’t collapse rapidly, the short-term outlook remains bullish. Conversely, if price falls below 0.87 and OI drops noticeably, I’d see that as the short squeeze starting to fade. First I’d watch 0.84, then 0.78–0.80.

My conclusion is clear: the trend is still strong, but this is no longer a low-risk area to chase a rally. If you’re still bullish, wait for a decisive break above 0.9434; if you want to manage risk, keep an eye on 0.87 and changes in OI. #RLC