HYPE showing weakness across multiple timeframes, currently trading around $25 with market cap breaking through $6 billion, ranking 31st. From the 12-hour chart perspective, a flag pattern formed by the downtrend is below $27. Once effectively broken through, the downside target points to $19, with extreme cases potentially testing $17. In the short term, momentum is clearly tilted toward bearish sentiment. However, it's worth noting that Grayscale recently submitted filings for trust products for both HYPE and BNB, gradually moving closer to spot ETFs—if such positive catalysts materialize, they could inject new buying pressure into the market. From a technical standpoint, whether HYPE can hold above the $27 level will determine whether it continues lower or seeks a rebound.