Seeker Soars as Short Squeeze Looms, Open Interest Hits $21M

Seeker (SKR) has seen a significant surge of nearly 36% in the past 24 hours, driven by heavy trading volume that exploded over 810%. The Solana Mobile token rallied to $0.0204 on Friday, with data from Blockchain Magazine and CoinGlass showing a 24-hour volume of approximately $76.8 million.

This represents about 60% of SKR's market cap. The price rebounded from the $0.015 demand zone and cleared its recent descending channel. Technical indicators, including the MACD line crossing above its signal after weeks of bearish readings, also point to a potential rally.

Open Interest jumped 167.45% to $21.65 million, indicating significant leveraged participation alongside spot buying. However, short positioning hints at a possible squeeze, as the OI-Weighted Funding Rate sank to -0.7292%, showing traders doubling down on shorts even as spot buyers pushed price higher.

Analysts flag $0.025 as the next resistance level and warn that a break below $0.020 risks unwinding the expanded leverage quickly, leading to a potential market correction.