$SKYAI fell 3.72% over 15m, while volume exploded to 4x. The active trade delta was -16.7%, and the buy/sell ratio dropped to 0.71—clear evidence of aggressive selling pushing the price down.
OI is holding steady over 15m and 1h, but notional change has started to ease. With price falling and OI declining, this is essentially long deleveraging, not new short positions opening. Funding rates are still in the upper end of their recent range, and long positions are fairly crowded, so a break below a key level could trigger a cascade of stop-losses.
Notional change ranks #10 across the entire pool, with an anomaly percentile of 98.2%. At this level, deleveraging is usually not over yet. Keep an eye on two things next: whether OI can stop contracting, and whether the buy/sell ratio can climb back above 1. If it can't stabilize, another round of deleveraging is still possible—don't rush to buy the dip.
OI is holding steady over 15m and 1h, but notional change has started to ease. With price falling and OI declining, this is essentially long deleveraging, not new short positions opening. Funding rates are still in the upper end of their recent range, and long positions are fairly crowded, so a break below a key level could trigger a cascade of stop-losses.
Notional change ranks #10 across the entire pool, with an anomaly percentile of 98.2%. At this level, deleveraging is usually not over yet. Keep an eye on two things next: whether OI can stop contracting, and whether the buy/sell ratio can climb back above 1. If it can't stabilize, another round of deleveraging is still possible—don't rush to buy the dip.