Why Solana’s Seeker (SKR) Now Depends on Bears to Avoid a 17% Price Crash
Seeker's price action suggests bulls are absent, meaning its defense against a 17% crash now relies on forced buying from trapped derivative bears.Summary
The Seeker (SKR) token has seen its price plummet nearly 70% from its post-launch peak, trading around $0.024, indicating buyers are not defending current levels. Technical indicators like Chaikin Money Flow (CMF) remain negative, signaling dominant selling pressure, while the RSI shows bearish divergence, confirming weakening momentum. On-chain data reinforces this bearish outlook, with exchange balances rising and smart-money holdings dropping, showing a lack of accumulation or conviction buying at risk levels.
Crucially, the token's immediate fate hinges on derivative market dynamics rather than spot buyers. With short leverage significantly outweighing long leverage on perpetual markets, a price rebound toward $0.030 could trigger liquidations of short positions, causing a temporary short squeeze. However, this forced buying is not genuine bullish conviction. If bears are not trapped, SKR risks breaking down through key support levels, potentially leading to a 17% price crash.
(Source：BeInCrypto)