Despite the long-term structural view, MON remains relatively weak, but it is not suitable to blindly short in the short term.
Currently, the contract's open interest is still at a high level, and the short positions are relatively high. Under this structure, the probability of a 'short squeeze' happening is not low.
Additionally, one realistic factor needs to be considered:
As MONAD is Coinbase's first public offering project, there is a certain expectation of 'market support,' and it is not ruled out that there may be a floor support at key price levels to avoid a rapid drop below the public sale range, which could impact market sentiment and the project's image.
In summary:
The long-term bearish view remains unchanged, but the short-term structure is complex, and pursuing shorts requires extra caution.
