INJ

INJ/USDT OI analysis shows declining OI from ~4M (late Feb) to 2.5M (early Mar), then recovery to current 2.79M. Current OI is +5.5% above 7-day average but -8.2% below 30-day average. Price is in a downtrend from weekly high 3.1750 to current ~2.76-2.87. The pattern of rising OI with falling price indicates bearish conviction - new short positions are being added as price declines. This suggests shorts are accumulating during the pullback, which could lead to either continued downside or a short squeeze if price stabilizes. Funding rate data was unavailable, limiting the crowding analysis. The recent OI recovery from lows suggests deleveraging has completed and new positions are being built. Key risk: if OI continues rising while price falls, it confirms bearish momentum but increases squeeze risk if price reverses.