CRCL's pullback from 300 might have ended at 27.84 on August 3, 2026. From this point, it has likely started an upward trend of the same scale as the black segment shown in the chart, which belongs to the monthly level. From a fundamentals perspective, Circle's high valuation since its initial listing has already been digested, and it has begun transitioning into a new phase of business expansion. In Q2, USDC's circulation, on-chain transaction volume, and revenue continued to grow. At the same time, the GENIUS Act has been implemented, licensing is progressing, and Circle is extending into global payments, on-chain financial infrastructure, and RWA. The previous drop reflected the overly high valuation at the time of listing, while the current growth is based on Circle's solid business foundation. As long as USDC continues to expand, CRCL's future performance will no longer just be about valuation recovery but could enter a new growth cycle driven by fundamentals. From a technical perspective, the blue segment shown in the chart, starting at 57.84, represents the first daily-level upward wave within the monthly-level uptrend. This wave may have already ended or is at least nearing its end. What follows is a pullback of the same level, and after finding the pullback's endpoint, the next daily-level upward wave will begin. The trend has been established, and there’s a high probability of good right-side entry opportunities in Q3. Based on this analysis, we entered a short position on CRCL last night. Essentially, this is a bet on the pullback following the blue segment's upward movement. Since this pullback is at the daily level, it’s still worth taking the trade.