$HYPE Currently shows a quite "rigid" price structure, and in the short term, the possibility of deep correction is not high. The core reason lies in the project's operating mechanism: the team continuously uses revenue to buy back tokens on the secondary market. When business activities generate real cash flow and that cash flow returns to the market to absorb supply, a "damping effect" is formed.

This mechanism creates three clear impacts. First, short-term selling pressure is steadily absorbed, helping the price maintain a stable or gradually increasing trend. Second, investor expectations are reinforced because they see the project taking concrete actions rather than just promises. Third, market sentiment shifts to holding rather than panic selling, reducing circulating supply pressure.
However, that does not mean $HYPE will keep increasing forever. The factor to closely monitor is the token unlock schedule in the second half of the year. When a large amount of tokens are released, a significant increase in supply could break the current equilibrium. If the selling pressure from early investors is strong enough, the price could enter a deeper correction phase.
In a negative scenario, the price range around 20 could become a correction target if the overall market is unfavorable or buying momentum weakens. Conversely, if revenue continues to grow and buyback activities are maintained strongly, the pressure from unlocks could be partially absorbed.
In summary, in the short term, $HYPE is still supported by the buyback mechanism creating a positive supply-demand effect. But in the medium and long term, the most important variables will be the amount of tokens unlocked and the project's cash flow health.