Recently, I've been closely watching the price movement of the IP token, and the technical indicators are indeed starting to show signs of fatigue. The rebound strength continues to weaken, key support levels are repeatedly being broken, and trading volume is clearly insufficient—each rally is accompanied by decreasing volume, which is a typical sign of lacking buying support. The short-term moving averages have already formed a death cross, and a downward trend is taking shape. Each subsequent rebound is likely to present a better entry point for bears.

The fundamental pressures are also significant. According to market information, in mid-January, there will be another large unlock of VC and project team tokens, meaning a large amount of low-cost chips will flood into circulation, creating substantial selling pressure. Meanwhile, indicators such as ecosystem TVL, active users, and developer activity have not yet shown signs of sustained explosive growth. The entire narrative remains at the conceptual stage, and real application deployment still requires time for validation.

Market sentiment has already begun to shift. Investors eager to buy are hesitant, and holders are considering whether to cash out some of their positions first. The upward breakout space has been essentially capped. It’s worth noting that trading volume on Korean exchanges is particularly high, and volatility is quite intense. Such a market driven by short-term funds and emotions is most prone to sharp declines.

Strategically, I wouldn’t recommend rushing to buy at this stage. A more prudent approach is to gradually establish short positions during rebounds, patiently waiting for supply to be released and market sentiment to plunge into panic again. The downside potential at that time should be considerable. The recent trend leans towards bearishness, and maintaining discipline is paramount.