Recently, HYPE's trend has attracted the attention of many traders. A careful look at the chart reveals that the movement logic of this asset is actually worth pondering.

Let's first look at the capital side story. Signals of "capital inflow" can easily excite people, but they are often when the main players are doing their tricks. Once it is confirmed that the main players are fleeing, the entire narrative reverses. This kind of pattern of pushing up and then distributing has been played out countless times in the market.

The technical pressure is more intuitive. The price is now stuck under the dual resistance of EMA25 and EMA99, with the $27.6 level seemingly becoming a ceiling. The rebound space is tightly locked, making a breakthrough quite difficult.

Looking at retail investor sentiment, the bullish proportion is close to 57%. Retail traders on major exchanges are highly enthusiastic about going long. History tells us that whenever market sentiment is this heated, it is often not far from a short-term top.

When the main players quietly exit after completing their layout, when technical pressure is imminent, and when the entire market is in frenzy—this is the time to stay calm. Sometimes, the smartest move is to stand on the opposite side of the madness.

If setting targets, the first level to watch is $24.70, and further down is $23.85. The key is not to be swayed by emotions and not to become someone else's stop-loss. Trading ultimately is a game of probabilities; only opportunities with high winning chances are worth taking.