$SAND rose all day, and shorts paid funding all day.
Gate perpetual SAND is now around 0.0650, up 19.4% over 24h, with a daily high of 0.0660 and a low of 0.0535. Volume is about 7.81 million U. Funding is -0.735%/8h. Price is moving up, and shorts are still paying longs; the perpetual is also slightly below the index (around 0.0655). BTC is around 81426 (-0.27%) over the same period. The broader market hasn't moved—this is its own trade.
The price action was very clear:
From the early hours until morning, it hovered around 0.0535–0.0548, with hourly volume in the tens to low hundreds of thousands of U;
Volume picked up at 14:00, and at 15:00 it reached about 440,000 U as price climbed to 0.0585;
At 16:00 and 17:00, volume was about 670,000 U each, and price surged to 0.060;
At 19:00 and 20:00, volume was about 590,000 U and 700,000 U. Price tested 0.0615–0.0617 twice, but was pushed back both times, with a low of 0.0585;
At 22:00, volume hit about 1.4 million U. One candle cleared 0.0617 and surged to 0.0645;
From 23:00 to now, volume is about 910,000 U, and price has touched the daily high of 0.0660.
I see three possible setups:
First, if price pulls back to 0.0615–0.062 (the level it was rejected from twice) on declining volume and holds, that's my preferred entry for a long. I'd target the previous high at 0.066, and exit if it falls back below 0.0597 (the starting point of the 22:00 rally).
Second, if it breaks above 0.066 on strong volume, I wouldn't chase the first candle. I'd wait for a retest to confirm that 0.066 is holding. With funding this negative, a short squeeze can send price up fast, but the drop can be just as sharp.
Third, if it falls back below 0.0597 on strong volume, that would mean the 22:00 candle was a false breakout. I wouldn't hold longs, but I also wouldn't rush to flip short. With funding this deeply negative, holding shorts means paying funding too.
At 0.065, price is stuck in no-man's-land. I'm staying out.
Looking back at my $Q post from midday: price was at 0.0625 then. I said not to touch 0.062, to try a long on a low-volume pullback to 0.0606–0.061, and to chase only after a high-volume break above 0.0727. The pullback entry never came; at 13:00, the low was 0.0617 before price moved back up. At 15:00, about 1.22 million U in volume sent it to 0.0747, but it closed back at 0.0707 and failed to hold. It didn't truly break above until 20:00, when about 1.72 million U in volume pushed it to a close of 0.0751. From there it rallied all the way to around 0.0944, with the 23:00 candle reaching about 5.29 million U in volume. The bearish scenario (a break below 0.0606 toward 0.058) never happened. The condition for chasing a long wasn't met until evening, and after it was met, price still gained more than 20%. My conditions were too strict, and I missed a big move. I own that.
This is only a short-term scenario, not financial advice.
Gate perpetual SAND is now around 0.0650, up 19.4% over 24h, with a daily high of 0.0660 and a low of 0.0535. Volume is about 7.81 million U. Funding is -0.735%/8h. Price is moving up, and shorts are still paying longs; the perpetual is also slightly below the index (around 0.0655). BTC is around 81426 (-0.27%) over the same period. The broader market hasn't moved—this is its own trade.
The price action was very clear:
From the early hours until morning, it hovered around 0.0535–0.0548, with hourly volume in the tens to low hundreds of thousands of U;
Volume picked up at 14:00, and at 15:00 it reached about 440,000 U as price climbed to 0.0585;
At 16:00 and 17:00, volume was about 670,000 U each, and price surged to 0.060;
At 19:00 and 20:00, volume was about 590,000 U and 700,000 U. Price tested 0.0615–0.0617 twice, but was pushed back both times, with a low of 0.0585;
At 22:00, volume hit about 1.4 million U. One candle cleared 0.0617 and surged to 0.0645;
From 23:00 to now, volume is about 910,000 U, and price has touched the daily high of 0.0660.
I see three possible setups:
First, if price pulls back to 0.0615–0.062 (the level it was rejected from twice) on declining volume and holds, that's my preferred entry for a long. I'd target the previous high at 0.066, and exit if it falls back below 0.0597 (the starting point of the 22:00 rally).
Second, if it breaks above 0.066 on strong volume, I wouldn't chase the first candle. I'd wait for a retest to confirm that 0.066 is holding. With funding this negative, a short squeeze can send price up fast, but the drop can be just as sharp.
Third, if it falls back below 0.0597 on strong volume, that would mean the 22:00 candle was a false breakout. I wouldn't hold longs, but I also wouldn't rush to flip short. With funding this deeply negative, holding shorts means paying funding too.
At 0.065, price is stuck in no-man's-land. I'm staying out.
Looking back at my $Q post from midday: price was at 0.0625 then. I said not to touch 0.062, to try a long on a low-volume pullback to 0.0606–0.061, and to chase only after a high-volume break above 0.0727. The pullback entry never came; at 13:00, the low was 0.0617 before price moved back up. At 15:00, about 1.22 million U in volume sent it to 0.0747, but it closed back at 0.0707 and failed to hold. It didn't truly break above until 20:00, when about 1.72 million U in volume pushed it to a close of 0.0751. From there it rallied all the way to around 0.0944, with the 23:00 candle reaching about 5.29 million U in volume. The bearish scenario (a break below 0.0606 toward 0.058) never happened. The condition for chasing a long wasn't met until evening, and after it was met, price still gained more than 20%. My conditions were too strict, and I missed a big move. I own that.
This is only a short-term scenario, not financial advice.