I’m staying on the sidelines with MET in the short term and won’t chase the rally. The 09:06 Beijing-time full Binance USD-M scan covered all 523/523 qualifying USDT perpetuals, with MET still ranked No. 1: up +39.170% over 24 hours, priced at 0.4491, with $279.4 million in quote volume. Compared with the 06:00 snapshot when the most recent MET post was published (+38.212%, 0.4561, and $216.2 million in volume), rolling volume is up about 29.3%, while the price is about 1.5% lower. This indicates a significant increase in trading activity during the observation window, not necessarily net buying or further price acceleration.
The price path is more worth watching than the gain itself: over the complete 4-hour period from 00:00 to 04:00, MET climbed from 0.3314 to close at 0.4342, up about 31%. It then gained only about 2.3% from 04:00 to 08:00, after touching 0.4731 intraperiod and pulling back. The most recent completed hourly candle, from 08:00 to 09:00, closed at 0.4521, up 1.76%, with $23.44 million in quote volume—about 0.97 times the average of the previous four complete hours. At 09:06, the current price is already about 0.7% below that hourly close. Volatility remains high after the sharp rally, but the latest completed hour shows no evidence of further acceleration in trading volume.
On the derivatives side, open interest increased from 30.099 million at 08:00 to 31.218 million at 09:00, or about +3.72%; this does not distinguish between longs and shorts. Funding-rate settlement samples changed from -0.5101% at 04:00 to -0.0778% at 08:00, a marked narrowing of the negative rate, but the rate alone cannot establish short covering or a trend reversal. The latest monthly report currently listed on Meteora’s official IR page is the August report, published on September 15. I found no official catalyst synchronized with this round of hourly volatility, and several dynamic protocol metrics on the page also have no displayed values, so the old report should not be treated as the reason for the rally.
Next, I’ll watch whether the recent hourly low near 0.4333 holds, and whether the price can reclaim the previous high of 0.4731 and sustain volume over a full hourly candle. A break below the former would weaken the consolidation structure; the latter would be more meaningful only if confirmed by consecutive hourly closes. These are conditions to monitor, not price targets or buy/sell advice.
The price path is more worth watching than the gain itself: over the complete 4-hour period from 00:00 to 04:00, MET climbed from 0.3314 to close at 0.4342, up about 31%. It then gained only about 2.3% from 04:00 to 08:00, after touching 0.4731 intraperiod and pulling back. The most recent completed hourly candle, from 08:00 to 09:00, closed at 0.4521, up 1.76%, with $23.44 million in quote volume—about 0.97 times the average of the previous four complete hours. At 09:06, the current price is already about 0.7% below that hourly close. Volatility remains high after the sharp rally, but the latest completed hour shows no evidence of further acceleration in trading volume.
On the derivatives side, open interest increased from 30.099 million at 08:00 to 31.218 million at 09:00, or about +3.72%; this does not distinguish between longs and shorts. Funding-rate settlement samples changed from -0.5101% at 04:00 to -0.0778% at 08:00, a marked narrowing of the negative rate, but the rate alone cannot establish short covering or a trend reversal. The latest monthly report currently listed on Meteora’s official IR page is the August report, published on September 15. I found no official catalyst synchronized with this round of hourly volatility, and several dynamic protocol metrics on the page also have no displayed values, so the old report should not be treated as the reason for the rally.
Next, I’ll watch whether the recent hourly low near 0.4333 holds, and whether the price can reclaim the previous high of 0.4731 and sustain volume over a full hourly candle. A break below the former would weaken the consolidation structure; the latter would be more meaningful only if confirmed by consecutive hourly closes. These are conditions to monitor, not price targets or buy/sell advice.