$SOL 75.73, down 5.73% in a day—2.6 times steeper than $ETH ’s 2.19%.
Nominal open interest fell from 833 million to exactly 700 million, down 16%. It looks like someone is liquidating, but the number of contracts only fell from 9.83 million to 9.31 million—just 5.3% exited.
That 10-point difference came from the price falling on its own.
What’s really worth watching is the sell-off candle. Volume was 514 million, the highest in nearly fifty four-hour candles. Aggressive sells accounted for 55.9%, and the buy/sell ratio of 0.7881 was also the lowest. Yet the number of contracts fell by just 0.39%.
Newly opened shorts absorbed the sell orders; the longs weren’t running at all.
Watch 77.13. If it gets back above that, then look at 78.17. If it breaks below 74.77, the next level down is 73.32.
Leverage hasn’t gone away; it’s just changed direction. In the end, all that turnover gets settled through price.
Did you add above 78, or below 74?
Nominal open interest fell from 833 million to exactly 700 million, down 16%. It looks like someone is liquidating, but the number of contracts only fell from 9.83 million to 9.31 million—just 5.3% exited.
That 10-point difference came from the price falling on its own.
What’s really worth watching is the sell-off candle. Volume was 514 million, the highest in nearly fifty four-hour candles. Aggressive sells accounted for 55.9%, and the buy/sell ratio of 0.7881 was also the lowest. Yet the number of contracts fell by just 0.39%.
Newly opened shorts absorbed the sell orders; the longs weren’t running at all.
Watch 77.13. If it gets back above that, then look at 78.17. If it breaks below 74.77, the next level down is 73.32.
Leverage hasn’t gone away; it’s just changed direction. In the end, all that turnover gets settled through price.
Did you add above 78, or below 74?
