Where are the positions heading? Here are the clues:
$SOPH Contract positions increased by 28.95% in 24 hours, while the price fell 6.77%. There is still $4.35 million in open interest.
With prices down and open interest up, the new positions appear to lean toward the short side, seemingly adding pressure in the direction of the trend. But we should also consider that some buyers may be stepping in below. When short positions get too crowded, even a brief rebound can trigger a chain of short covering.
#SOPH
$SOPH Contract positions increased by 28.95% in 24 hours, while the price fell 6.77%. There is still $4.35 million in open interest.
With prices down and open interest up, the new positions appear to lean toward the short side, seemingly adding pressure in the direction of the trend. But we should also consider that some buyers may be stepping in below. When short positions get too crowded, even a brief rebound can trigger a chain of short covering.
#SOPH
