$ONE ’s 15m rally came on rather suddenly: +2.09% on 3.21x volume, with the Z-score surging to 4.82, ranking 6th among pool-wide anomalies.
What’s interesting, though, is that OI fell instead of rising—down 0.33% on both the 15m and 1h timeframes. Price moved up, but positions were being closed. This structure looks more like a short squeeze than fresh longs entering. Net taker volume was +13.2%, and the buy/sell ratio was 1.30, so buyers were indeed lifting offers in the short term. The close also broke above the highs of the last 20 or so 5m candles.
The question is whether volume can hold up. 24h trading volume is only a little over 25M, and the pool isn’t very deep. A rally driven by short covering can easily retrace if buying dries up. First, watch whether this move can bring OI back up—short covering alone won’t take it far.
What’s interesting, though, is that OI fell instead of rising—down 0.33% on both the 15m and 1h timeframes. Price moved up, but positions were being closed. This structure looks more like a short squeeze than fresh longs entering. Net taker volume was +13.2%, and the buy/sell ratio was 1.30, so buyers were indeed lifting offers in the short term. The close also broke above the highs of the last 20 or so 5m candles.
The question is whether volume can hold up. 24h trading volume is only a little over 25M, and the pool isn’t very deep. A rally driven by short covering can easily retrace if buying dries up. First, watch whether this move can bring OI back up—short covering alone won’t take it far.