Solana is back near $82 tonight, probing the lows around this level for the third day in a row.
The price has been trending down, but open interest in futures hasn’t fallen much.
Measured in SOL, Binance SOL futures open interest has actually increased since Monday.
Nearly 80% of accounts are on the long side, according to the long/short account ratio.
Even as prices fall, people are still adding longs—the dip-buying sentiment is strong.
This setup looks a bit fragile to me.
With so many longs crowded in, a break below Tuesday’s low of around $81.3 could trigger a wave of forced long liquidations.
On the other hand, if the price first climbs back to around $86, where it rebounded to early this morning, the bears will lose confidence.
Do you think the dip buyers will be right this time, or will the longs get flushed out first?
$SOL
#Solana #SOL
The price has been trending down, but open interest in futures hasn’t fallen much.
Measured in SOL, Binance SOL futures open interest has actually increased since Monday.
Nearly 80% of accounts are on the long side, according to the long/short account ratio.
Even as prices fall, people are still adding longs—the dip-buying sentiment is strong.
This setup looks a bit fragile to me.
With so many longs crowded in, a break below Tuesday’s low of around $81.3 could trigger a wave of forced long liquidations.
On the other hand, if the price first climbs back to around $86, where it rebounded to early this morning, the bears will lose confidence.
Do you think the dip buyers will be right this time, or will the longs get flushed out first?
$SOL
#Solana #SOL
