Technically, $SOPH 's open interest has diverged from its price (open interest down, price up): 24-hour open interest -14.29%, price +14.58%, current price 0.0021.
Two things to watch next:
First, whether open interest starts rising again—a rebound could indicate new longs entering. Second, whether the price starts to stall. If open interest keeps falling while the price moves sideways, it likely means short covering is nearly over.
#SOPH
Two things to watch next:
First, whether open interest starts rising again—a rebound could indicate new longs entering. Second, whether the price starts to stall. If open interest keeps falling while the price moves sideways, it likely means short covering is nearly over.
#SOPH