Everyone Is Watching The Price. I’m Watching The Data. Here’s What I See On $SYN
Look at the Open Interest chart.
The price moved up first, and then Open Interest started rising sharply with it. After the previous big move, the price pulled back, but Open Interest stayed relatively strong instead of dropping heavily.
Now the price is moving up again, and OI is starting to build once more. OI is currently around $13.1M, up around 26% in the last 24 hours.
Another interesting part is the positioning.
Around 57% to 60% of traders are currently short, while around 40% to 43% are long across the different timeframes.
Funding is also positive, with Binance around +0.01%, meaning longs are paying shorts.
This is where the market psychology gets interesting. After seeing the previous move, many traders may think $SYN has already pumped enough and should come down, so they start opening shorts.
But if the price continues moving higher, those crowded shorts could come under pressure. Some shorts may close or get liquidated, which could create additional buying pressure.
In my view, $SYN could still make one more strong move higher from here. Let’s see if the market proves me right.
NFA. DYOR.
Look at the Open Interest chart.
The price moved up first, and then Open Interest started rising sharply with it. After the previous big move, the price pulled back, but Open Interest stayed relatively strong instead of dropping heavily.
Now the price is moving up again, and OI is starting to build once more. OI is currently around $13.1M, up around 26% in the last 24 hours.
Another interesting part is the positioning.
Around 57% to 60% of traders are currently short, while around 40% to 43% are long across the different timeframes.
Funding is also positive, with Binance around +0.01%, meaning longs are paying shorts.
This is where the market psychology gets interesting. After seeing the previous move, many traders may think $SYN has already pumped enough and should come down, so they start opening shorts.
But if the price continues moving higher, those crowded shorts could come under pressure. Some shorts may close or get liquidated, which could create additional buying pressure.
In my view, $SYN could still make one more strong move higher from here. Let’s see if the market proves me right.
NFA. DYOR.
