A 67% surge, but shorts still account for 52%.
SOPH kept climbing for 8 hours straight, jumping from 0.0041 to around 0.0070, with trading volume reaching $185 million. What’s interesting is that although the price is rising so sharply, the number of people shorting is actually a bit higher than those going long.
In this kind of market, people usually chase the rally and sell the dip, but this time the shorts are clearly not giving up. Either they think the rally has gone too far, or they’re waiting for a pullback opportunity. The funding rate at 0.045% isn’t that high, suggesting both sides are still fairly calm.
I’m watching this disagreement closely. If the price continues to break above 0.0072, the shorts could be forced to cover, accelerating the up move. But if they’re right, the pullback could come very quickly.
$SOPH #多空分歧 #67%
Click the small card below to quickly view the market👇
SOPH kept climbing for 8 hours straight, jumping from 0.0041 to around 0.0070, with trading volume reaching $185 million. What’s interesting is that although the price is rising so sharply, the number of people shorting is actually a bit higher than those going long.
In this kind of market, people usually chase the rally and sell the dip, but this time the shorts are clearly not giving up. Either they think the rally has gone too far, or they’re waiting for a pullback opportunity. The funding rate at 0.045% isn’t that high, suggesting both sides are still fairly calm.
I’m watching this disagreement closely. If the price continues to break above 0.0072, the shorts could be forced to cover, accelerating the up move. But if they’re right, the pullback could come very quickly.
$SOPH #多空分歧 #67%
Click the small card below to quickly view the market👇
