Honestly, while checking the futures data just now, I noticed $MAGMA : open interest is up 12.36% over 15 minutes and now stands at $12.48 million.
The price is rising in tandem (+15.41%), which suggests new longs are entering. I usually check the funding rate next—if it’s not overheated, this move looks pretty solid.
What do you all think?
The price is rising in tandem (+15.41%), which suggests new longs are entering. I usually check the funding rate next—if it’s not overheated, this move looks pretty solid.
What do you all think?