HYPE on-chain funds are clearly starting to pay attention. But precisely because the overall market sentiment is currently cold, it makes it more interesting. Hyperliquid's current positioning is no longer just a DEX, but a direct challenge to traditional CEX liquidity and trading experience. This narrative is actually more likely to develop independently in a bear market.

From a technical perspective, the current price is just touching the H4 level EMA200, which is usually a mid-term bull-bear dividing line. The price tested around 28 near the SMA200 below, which is a stronger support level.
My approach is to start gradually building small long positions in batches, with a defensive stop below 27. If it effectively breaks down, I will cut losses to control risk. At the same time, I won't go all-in at once but will add gradually, averaging the cost through dollar-cost averaging. This position is not a mindless all-in, but a trend game under risk control conditions.