There’s something interesting going on with API3.
It surged 2.42% on the 15m timeframe, with volume hitting 6.42x, and the closing price broke above the highs of the last 20 5m candles. But looking closely at the structure, 15m OI was actually down 0.06%, while 1h OI was up 14.99%. Price rose as short-term OI fell, which looks more like a short squeeze than a major influx of new longs.
The aggressive trade delta was -0.7% and the buy/sell ratio was 0.99, suggesting buyers weren’t particularly eager to chase the price. This wasn’t one-sided buying.
But taken together, the OI anomaly percentile of 95%, the overall pool anomaly ranking of #4, and the persistence across multiple consecutive timeframes suggest this isn’t just a one-candle spike—something is continuing to build. The 24h trading volume is 22.45M, and market depth confirms there’s enough liquidity.
My take: shorts are covering, but fresh money hasn’t really come in to take over yet. With this kind of structure, either this is the final shakeout before a move, or it fizzles out once the short covering is done. Keep a close eye on 1h OI and the funding rate. If the rate keeps pushing higher and OI starts rising again, that’s when things could really get interesting.
It surged 2.42% on the 15m timeframe, with volume hitting 6.42x, and the closing price broke above the highs of the last 20 5m candles. But looking closely at the structure, 15m OI was actually down 0.06%, while 1h OI was up 14.99%. Price rose as short-term OI fell, which looks more like a short squeeze than a major influx of new longs.
The aggressive trade delta was -0.7% and the buy/sell ratio was 0.99, suggesting buyers weren’t particularly eager to chase the price. This wasn’t one-sided buying.
But taken together, the OI anomaly percentile of 95%, the overall pool anomaly ranking of #4, and the persistence across multiple consecutive timeframes suggest this isn’t just a one-candle spike—something is continuing to build. The 24h trading volume is 22.45M, and market depth confirms there’s enough liquidity.
My take: shorts are covering, but fresh money hasn’t really come in to take over yet. With this kind of structure, either this is the final shakeout before a move, or it fizzles out once the short covering is done. Keep a close eye on 1h OI and the funding rate. If the rate keeps pushing higher and OI starts rising again, that’s when things could really get interesting.