HYPE's recent trend hides risks, and retail investors need to stay vigilant.

On-chain data shows that whales recently transferred 25,000 HYPE to exchanges. While this doesn't necessarily mean a dump, selling pressure is indeed accumulating. From the chart, the price has been severely suppressed by a downward channel—each rebound to the $28-30 range encounters resistance, making this price level a clear short-term ceiling.

What's more interesting is the contradictory phenomenon on the contract side. Short sellers account for 52%, but the fee rate is actually borne by the longs. What does this indicate? The longs are stubbornly resisting selling pressure, but this support comes at a cost—it's a "loss-making anti-dip" situation. If selling pressure increases further, longs are at risk of liquidation.

Both technical and capital analyses currently point to continued consolidation and sideways movement, with no breakthrough trend in the short term. Retail investors are advised to be cautious and avoid blindly chasing highs.