Goldfish, last time I mistook the pullback for a shakeout. This time, both sides of the order book are getting hit.
$SOL is at 104, down 1.6% on the day, about 3.2% off the high.
Binance top-five bid/ask ratio is about 0.25; OKX is about 0.55. Sell orders are weighing on both.
HL open interest is about 550 million, with 240 million added today. Density is 2.3, and open interest is still moving.
A pullback is fine, but there are no bids supporting it—mark this as a distribution window, not a shakeout complete.
#Solana生态 #OrderBookStructure
$SOL is at 104, down 1.6% on the day, about 3.2% off the high.
Binance top-five bid/ask ratio is about 0.25; OKX is about 0.55. Sell orders are weighing on both.
HL open interest is about 550 million, with 240 million added today. Density is 2.3, and open interest is still moving.
A pullback is fine, but there are no bids supporting it—mark this as a distribution window, not a shakeout complete.
#Solana生态 #OrderBookStructure