These days, when looking at the HYPE chart, what's fascinating is that the price is holding around $26, but the market sentiment is moving in a completely different direction. Since last week, it has been continuously declining and has touched the $26 level several times, but it hasn't fully dropped below it yet. However, at the current point, the price has risen to $41.35, which is quite different from the concerns back then.

The card thrown by the foundation is quite interesting; a vote was held to completely burn 3.71% of the total supply of 37.11 million HYPE( that had accumulated in the support fund. Many analysts interpret this as more than just reducing supply; it’s a kind of social consensus that this address will never be accessed again in the future. As soon as this news was announced, the derivative market reacted strongly. Open interest increased by 1.63%, reaching $1.53 billion, and as long positions strengthened, the funding rate also rose to 0.0839%.

But there’s a point to be a little cautious about here. While the derivative market is excited, technically, there are still strong bearish signals. At that time, the RSI was around 33, indicating an overbought warning level, and the MACD was not clearly showing a recovery signal. The $26 level was a technical support level, and if the daily closing price had fallen below this level, there was a warning that the price could drop to the low $20s. Ultimately, at that time, there was a gap between market psychology and chart signals.