Marshmallow

07/10 18:08

At the time of writing, spot and perpetual marke

At the time of writing, spot and perpetual market data hinted at weak bullish conviction among traders.

According to Coinalyze, the Open Interest in the perpetual market surged by 12.25% to $100.7 million in the last 24 hours alone. This alluded to an uptick in trading activity.
However, the Funding Rate—which reveals trader sentiment based on whether it’s positive or negative—turned negative at -0.0011. What this implied was that a majority of market participants have been opening short positions.

Meanwhile, the spot market has been seeing more sell-side activity too. In fact, CoinGlass data revealed that traders offloaded $1.2 million worth of POL in just 24 hours. 
If this selling pressure continues, POL will risk a deeper correction, potentially revisiting its base support.

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