The easiest thing to overlook is not $ALLO increasing by 127%, but that retail long positions are only 37%.

This indicates that the market isn't simply everyone excitedly chasing higher prices together.
The price jumped from 0.18866 to 0.4647, with 24-hour trading volume reaching $717 million, as if someone suddenly brought out all the liquidity in the market.
More importantly, open interest (OI) surged by 205.9% in a single day, now standing at $39.8 million in open positions, with new positions not slowly entering but being pushed in one after another.
Market reactions are also quite interesting.

Funding rates are only 0.005%, with long positions paying continuously for one period, not yet at the stage where longs are frantically paying taxes, so this wave seems more like positions exploding first, followed by sentiment.
Technical indicators are already heating up.
RSI is at 87.7, KDJ is also at high levels, and the price is close to the Bollinger upper band at 0.4721, short-term overheating is obvious.
But OBV still shows inflow, Supertrend remains UP, indicating that the biggest issue now isn't whether the price has risen much or not, but whether the shorts are being forced to continue giving way.
Next, focus on two counterexamples.
If OI starts to drop rapidly while the price cannot hold above the Bollinger middle band near 0.3034, then this wave needs to be re-evaluated.
If OI continues to rise and retail long proportion remains low, then the squeeze in this order book hasn't dissipated yet.
$ALLO # Contract Anomalies
Assisted by Claude Opus 4.8 model; not investment advice, please make independent judgments.