There is an interesting story behind this wave of CHZ's rise.

On the surface, retail investors' long position ratio is as high as 84%, making the scene quite lively. But do on-chain data lie? The short whale holds a position worth 5.25 million USD, which is 40% more than the 3.73 million USD held by the long whales. Even more striking is that these 77 short whales have an average opening price of 0.05248, not far from the current price of 0.05844—indicating they are not old shorts established half a year ago, but rather recent high-position reverse bets made in the past two weeks.

On the other hand, what about the longs? Their average cost is only 0.044, and their unrealized gains are already quite substantial. At this level, profits could be realized at any time. So, this wave of increase seems more driven by retail sentiment, but smart money has long been prepared with short positions waiting.

What does technical analysis say? The current price of 0.05844 is already close to the short whales' average cost. chasing the high carries significant risk, and it’s not recommended to follow the longs at this point. It’s better to observe; if the price falls below 0.0570, consider opening a small short position with a stop loss at 0.0600. The risk level is marked as high risk, so caution is advised.