JasmyCoin rose by 12% as open interest flows increased and the positive growth of the meme coin sector continued. While sentiment remains positive, recent spot selling of $2.3 million may test the strength of the rally and pressure excessively leveraged long positions.
After a 27% increase last week, JasmyCoin [JASMY] added another 12% in recent sessions, extending its upward trajectory.
This move aligns with gains in the broader meme coin sector, but selling in the spot market may dampen momentum.
Pressure on derivatives in the Jasmy exchange remains strong
After a brief bearish period dominated by short selling, the weighted funding rate by OI turned positive, reaching 0.0143 at the time of writing this report.
This shift reflected renewed flows into the derivatives market, indicating growing trader confidence.
Weighted funding rate chart by OI.
Source: CoinGlass
As data from CoinGlass showed, open interest (OI) flows rose by $6.47 million in the past 24 hours at the time of publication, representing a 14% increase to $46.1 million.
Naturally, such flows often enhance bullish sentiment, especially when sector momentum remains intact.
Meme coin growth remains positive
The meme coin market sector recorded a 12% growth rate over the past seven days, indicating healthy capital flows.
JASMY coin recorded its strongest performance of the month during this period, and its rise reflects sector momentum. If the meme coin market maintains this pace, selected assets like JASMY may continue to benefit.
Market sector chart.
Source: Artemis
The majority of market participants still expect a price increase. At the time of publication, data from CoinMarketCap showed an 87% increase in community confidence.
When most investors are optimistic, they are often willing to invest their capital in line with their expectations. If this trend continues, JASMY may sustain its upward momentum with a significant potential for another rise.
Spot investors want to exit
However, not all indicators point to a rise. Data from the Netflow platform for cryptocurrency trading showed over $2.3 million worth of JASMY sold in the past 72 hours, revealing a weakness in confidence among some holders of the coin.
Research chart for the spot cryptocurrency exchange.
Source: CoinGlass
However, continued selling may erode gains and pressure excessively leveraged long positions, while a shift back to net inflows could bolster the bullish case and maintain the potential for another rise.
