$SKL There's some activity here.
Up 0.83% in 15 minutes, with volume expanding to 1.9x. OI rose 2.29% in one hour, for a 6.87% increase in notional value. Price is climbing and open interest is rising along with it—a classic sign of leveraged longs entering, not just shorts covering.
The taker buy/sell ratio is 1.23, and the funding rate has also climbed to a recent high percentile. The OI anomaly percentile across the whole market is 88.7%, putting it in the top ten on the anomaly rankings. 24-hour trading volume is 56M.
This combination is worth keeping an eye on: elevated funding alongside a spike in OI can mean that if too many longs chase the move, we could get a sharp wick down. It’s still unclear whether spot buying can support the move, so first let’s see if it can hold through the hour.
Up 0.83% in 15 minutes, with volume expanding to 1.9x. OI rose 2.29% in one hour, for a 6.87% increase in notional value. Price is climbing and open interest is rising along with it—a classic sign of leveraged longs entering, not just shorts covering.
The taker buy/sell ratio is 1.23, and the funding rate has also climbed to a recent high percentile. The OI anomaly percentile across the whole market is 88.7%, putting it in the top ten on the anomaly rankings. 24-hour trading volume is 56M.
This combination is worth keeping an eye on: elevated funding alongside a spike in OI can mean that if too many longs chase the move, we could get a sharp wick down. It’s still unclear whether spot buying can support the move, so first let’s see if it can hold through the hour.