Does anyone still think that HYPE's goal is only 1 HYPE=1 SOL? Just last night, this line was already crossed Of course, this does not mean that Hyperliquid's market value and ecosystem have surpassed Solana's. But the price level 'crossing SOL' will make the market start thinking about another more radical question: If 1 HYPE=1 SOL has already occurred, will the next narrative start discussing 1 HYPE=2 SOL? Last night, the market was still in a slump, BTC did not strengthen, and many knockoffs continued to fall But HYPE still didn't lie down with him This morning, HYPE pulled back to around $74 again; And SOL has fallen to around $70. Previously, people said HYPE was expensive because it had already risen too much; The market is now asking: if it is already more expensive than SOL, why are there still people buying it? According to AiCoin's on chain data statistics, there is currently about $48.96 million of bearish liquidation pressure above HYPE at $75-80. This is just the first layer Going up, $80-90 is about $135 million, $90-100 is about $206 million, and $100-115 is about $176 million. That is to say, there is still about $517 million of bearish liquidation pressure above the range of $80 to $115. If we only look at the thickest positions, around $98-99 is about $64.07 million, around $111-112 is about $41.31 million, and around $94-95 is about $31.72 million. That's also why the $100 position is repeatedly mentioned Not because integer bits are naturally mysterious, but because there is indeed a lot of bearish pressure in the 90-115 range. The closer the price is to here, the easier it is for the market to see it as the bullseye for the next narrative More importantly, Loracle, the previous big bear, began to reverse to a comprehensive long position yesterday. Moreover, he did not stop A few days ago, the market was still watching whether it would just be a short-term backhand as it turned from a big short position on HYPE to a long position; But from last night until this morning, it did not reduce its holdings, but continued to increase. According to AiCoin's on chain data statistics, Loracle currently holds approximately 101200 HYPE multiple orders, with a position value of approximately 7.5946 million US dollars and an average price of approximately 70.83 US dollars. The current floating profit is approximately 427600 US dollars. Compared to yesterday morning, its HYPE multi order has increased from about 82200 to about 101200, with a net increase of about 19000. From 21:24 last night to 08:27 this morning, it continued to add HYPE multiple orders of about 19100 pieces, with a transaction volume of about 1.4053 million US dollars and an average price of about 73.55 US dollars. Everyone thought Loracle was just taking a wait-and-see approach after closing short positions, but they didn't expect it to continue pushing their positions towards long positions while HYPE continued to rise Previously, the market focused on Loracle because it was the biggest bear that was most easily penetrated by HYPE; The market is now eyeing Loracle because it has gone from recognizing losses and being short, to going long with a backhand, and then continuing to add more, completely turning itself from a negative example into a part of a bullish narrative. Of course, this doesn't necessarily mean it looks right Bears may say that Loracle's transition from a big bear to a long position may itself be a sign of emotional overheating. Especially since HYPE has risen to be even more expensive than SOL, there is a first layer of bearish liquidation in the 75-80 period, and short-term fluctuations may occur at any time. But looking at it the other way around, the market is falling, BTC hasn't strengthened, SOL is still under pressure, while HYPE can pull back around 75; Loracle, this iconic bear, did not withdraw, but continued to add more. This is not just about following the trend and buying stocks, but more like the market is still re pricing the main line of Hyperliquid. If Solana's early Meme dynasty represents the asset narrative of the previous version, is Hyperliquid using more direct transaction income, more asset access, and the HIP-3 line to present a version that is easier for funds to immediately understand? Today, Grayscale's Hyperliquid Staking ETF, code HYPG, has started trading with fees reduced to 0.29%. Meanwhile, on chain data also shows that Hyperliquid's market share in the global perpetual contract market has reached a new high, with HIP-3 monthly transaction volume exceeding $62 billion. Putting these two signals together, it may not be as simple as' the institution has arrived ' So the core of HYPE today is not just whether it has surpassed SOL, but whether the market will continue to push it towards the bearish pressure zone of $100 or even above after surpassing it. Short term, let's first see if 75-80 can stand firm If we can't stand here, then this' price exceeding SOL 'may just be an emotional climax. But if 75-80 can stand still, the next market segment is likely to continue targeting 90-100; Further up, there is a thicker bearish clearing zone between 100-115. The current issue has become: 1 HYPE=1 SOL has already occurred, will 1 HYPE=2 SOL begin to become a new market imagination? HYPE Hyperliquid SOL