This 15-minute drop in $MAGMA was a bit sharp: -3.48%, with volume surging to 1.79 times normal levels. Price broke straight below the lows of the last 20 5-minute candles. But interestingly, OI didn’t expand along with it; both the 15-minute and 1-hour readings edged down, with nominal changes of -141K/-169K. This looks more like longs being flushed out than fresh shorts entering to drive the price lower. The active trade delta is -9.4%, and the buy/sell ratio is 0.83, so the selling pressure is real. But structurally, there’s no sign yet of shorts aggressively adding to their positions. This kind of deleveraging-driven drop can see a sharp short-term rebound, though it may also just be the start of position unwinding. First, watch to see whether price can reclaim the lower boundary.