$SAND is showing an interesting move. A 1.05% price drop isn’t much, but OI is down 2.54% in 15m, with a notional decrease of 948K; it’s also shrinking over 1h. This is a classic sign of leveraged longs getting flushed out. Volume is 3.49x, and the aggressive buy/sell ratio is 0.88. Selling pressure isn’t particularly heavy, but there’s no one stepping in to buy.
OI’s abnormal percentile has hit 95.2% for several consecutive periods, ranking #3 among all pool anomalies. This isn’t random noise. OI down + price down points more toward long liquidations/deleveraging, not new short positions. Contract positions are shrinking, and the further it falls, the fewer people are willing to hold on.
With 200M in 24h trading volume, liquidity is holding up for now. But with this pattern of sustained deleveraging, I’d take another look before jumping in—it could be a shakeout to clear out weak hands, or the prelude to a long squeeze. Don’t rush to be the one catching the falling knife.
OI’s abnormal percentile has hit 95.2% for several consecutive periods, ranking #3 among all pool anomalies. This isn’t random noise. OI down + price down points more toward long liquidations/deleveraging, not new short positions. Contract positions are shrinking, and the further it falls, the fewer people are willing to hold on.
With 200M in 24h trading volume, liquidity is holding up for now. But with this pattern of sustained deleveraging, I’d take another look before jumping in—it could be a shakeout to clear out weak hands, or the prelude to a long squeeze. Don’t rush to be the one catching the falling knife.