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Meteora (MET) drew market attention after a sharp 30% jump over 24 hours.
The move was accompanied by a surge in trading activity, with volume rising by more than 3,000% at press time.
Price gains alongside rising activity can indicate the move has broader backing rather than being a one-off spike. In MET’s case, Open Interest also climbed sharply during the same period.
Open Interest reflects the number of active positions in the market. When both price and Open Interest rise together, it typically signals new participation.
That alignment suggested the rally was supported by fresh capital rather than only existing holders rotating positions, pointing to growing confidence that could support continuation in the short term.
Funding conditions also offered important context. MET’s Weighted Funding Rates remained above average at press time, indicating that long positions dominated derivatives activity.
At the same time, elevated Funding Rates can be associated with stretched pricing, which adds caution even while bullish positioning remains intact. This setup also suggested retail traders could hesitate at current levels.
Derivative data showed a shift in positioning behavior. Only 47% of positions remained long, indicating reduced bullish exposure among traders.
This contrasted with earlier dominance of long positions and pointed to hesitation from smaller participants, even as larger players continued to stay active.
As a result, the rally appeared increasingly driven by bigger market participants. The article noted this could limit liquidity if broader participation does not return.
On the daily chart, price volatility remained visible through sharp intraday spikes. Despite that, MET continued to trade above both the 20-day and 50-day Exponential Moving Averages (EMAs), suggesting the broader trend remained intact despite short-term fluctuations.
The next move, according to the article, depends on whether participation expands beyond current levels.
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