Can JASMY sustain its 27% weekly rally? – THESE indicators say…
Derivatives traders stay bullish on JASMY, yet spot selling hints the rally could face a critical test.
Key Takeaways
JasmyCoin rose 12% as Open Interest inflows surged and memecoin sector growth stayed positive. While sentiment remains bullish, $2.3 million in recent spot selling could test the rally’s strength and pressure overleveraged long positions.
Following a 27% rally last week, JasmyCoin [JASMY] added another 12% in recent sessions, extending its upward trajectory.
The move aligned with broader memecoin sector gains, but spot market selling could temper the momentum.
Derivatives push on JASMY remain strong
After a brief bearish phase dominated by shorts, the OI-Weighted Funding Rate flipped positive, reaching 0.0143, at the time of writing.
This shift reflected renewed inflows into the derivatives market, signaling growing trader confidence.
Also, data from CoinGlass showed that Open Interest (OI) inflows rose by $6.47 million in the past 24 hours, at press time, marking a 14% increase to $46.1 million.
Naturally, such inflows often reinforce bullish sentiment, especially when sector-wide momentum remains intact.
Memecoin growth remains positive
The memecoin market sector recorded a 12% growth rate over the past seven days, signaling healthy capital inflows.
JASMY logged its strongest performance of the month during this period, with its rally reflecting the sector’s momentum. If the memecoin market sustains this pace, select assets like JASMY could continue to benefit.
A majority of market participants still expect an upside move. At press time, CoinMarketCap data showed community sentiment at 87%.
When most investors are bullish, they are often willing to commit capital in line with their outlook. If that holds, JASMY could extend its upward trend with a strong chance of another rally.
Spot investors want out
However, not all signals point higher. Spot Exchange Netflow data showed over $2.3 million in JASMY sold during the past 72 hours, revealing weaker conviction among some holders.
Having said that, persistent selling could erode gains and pressure overleveraged longs, while a shift back to net inflows might bolster the bullish case and keep the probability of another rally high.
