The market is currently discussing whether HYPE can go for $100, but from the clearing data, the real first hurdle to pass may not be $100, but $85~$90. According to AiCoin's on chain data statistics, the current liquidation distribution of short positions in HYPE's near end is not as thick as imagined. In the range of $64~$75, the liquidation value of short positions adds up to just over $10 million, which is more like a noise layer; Starting from $75 to $85, there is pressure, but it is not yet the main battlefield. The true concentration is between $85 and $90. This segment hit 11 HYPE short positions with a total value of approximately 173.5 million US dollars, making it the largest liquidation band currently above. Loracle is the most prominent core inside, with a single address HYPE short value of $107 million and a liquidation price around $89.34, resulting in a floating loss of over $25 million. But this is not Loracle's story alone. In the same liquidation zone, there are also large short positions in adjacent positions such as $88.11, $87.93, $88.37, and $89.11. The scale is not as exaggerated as Loracle, but they connect the $85~$90 range into a real pressure zone. In other words, if HYPE continues to rise, the market will not only encounter one Loricle, but a whole publicly visible bearish defense line. That's also why the meme 'Loracle anti pointing' is becoming increasingly easy to trade. If it's just a big spender losing money, at most it's just a bystander; But if this large player happens to be sitting at the core of the largest clearing zone and the market starts using HYPE $100 as a narrative anchor, then $89 will become a target in the eyes of traders ahead of schedule. Bulls may wonder if there is any room for short selling, while bears may replenish margin or hedge in advance. Short term funds will repeatedly speculate around this line. So the most noteworthy thing above HYPE next is not the integer $100 itself, but how the $85~$90 segment will be traded. If the price is close to here, will Loracle continue to push the liquidation line upwards or be forced to reduce its position? Will other bears in the same range move first? Will this public liquidation tape become a part of the bullish narrative in reverse? These questions may be more important than simply shouting HYPE $100. HYPE Hyperliquid