$FRAX has been quite strong in this recent rally, directly rising by 45.95%, accompanied by a surge in open interest. This is not a phenomenon of short sellers being crushed; it’s clear that major players are pushing the market.

Looking at the details on the chart, it becomes clear. The price has had buy orders at the breakout level, and despite such a large volume, there’s no sign of panic selling. This market mentality indicates that everyone is waiting for a rise. The open interest (OI) has also increased significantly, meaning new money is truly flowing in, not just short covering causing a passive rally.

From a trading perspective, this move can be considered for a long position:

📍 Entry zone: 1.150-1.165
🛑 Hard stop-loss: 1.120
🎯 First target: 1.250
🎯 Second target: 1.320

The key is whether the price can hold above the 1.120 level. As long as this support isn’t broken, the upward momentum should continue. The cooperation of open interest and the stability of buy orders are paving the way for further gains. Currently, market sentiment is leaning bullish, which is crucial in determining the trend.