$XPL This 15m move came with a 4.46x surge in volume and a sell-off, but OI is actually shrinking. 1h notional is down 283K, which doesn’t look like new shorts entering—more like longs stampeding for the exits. Price just broke below the low of the last 20 5m candles. Taker flow is -12.5%, and the buy/sell ratio is 0.78, so the selling pressure is real. Funding rates are still in a high percentile compared with recent levels, so it’s no surprise leveraged longs are getting squeezed. 24h volume of 67M isn’t exactly quiet. First, see whether price can reclaim the lower end of this range; if it can’t, don’t rush to buy the dip.