At 5-6 AM, the price on the HYPE platform surged suddenly, more than doubling compared to XPL, resulting in the liquidation of most airdrop positions, while other platforms (the original text suggests 'An An' refers to other trading platforms) remained relatively stable. This phenomenon indicates that, apart from large-cap assets like Bitcoin and Ethereum, altcoins face a high probability of malicious liquidation on DEX.

With 5 days left until the official launch of $WLFI, its pre-launch contract price dropped from $0.55 to $0.20, then rebounded to $0.0271 (Binance line). Analyzing the K-line over these 5 days allows us to make the following speculations about subsequent trends:

The pre-launch contract provides a hedging channel for public participants, especially compared to the first round public offering price of $0.015, which has a 20-38 times odds space. From the K-line, it can be seen that the main force has likely established a significant number of short positions above the $0.374 range, thus the area above $0.374 can be considered a relatively safe zone, while the $0.20-$0.374 range may be the area where the main force plans to offload.

The concentrated trading zone is between $0.20-$0.30, and the price surge on the HYPE platform in the morning likely liquidated most short positions within that range. In terms of open interest, the HYPE platform has 56 million, while other platforms combined have nearly 320 million. If similar liquidation occurs on other platforms, there is a possibility for prices to rise to $0.40.

Under the current range, the main force is unlikely to close positions to maintain short hedging before the spot goes live. Therefore, when the price approaches $0.374 and above, gradually establishing short positions is relatively prudent. Furthermore, $0.20 is not only a key position for liquidating long positions above $0.30, but also a support point created by the main force for unloading after the spot goes live and attracting counter positions. If the main force has not completed unloading after the spot goes live, it is highly likely to oscillate above $0.20; once the price falls below $0.20, it indicates that the main force's first stage of unloading has been completed.