QNT: This issue was exploding in the group chat today. In the last 24 hours it surged 67.6%, peaking at 194.95. Now it’s back down to 169.01, which means it has already retraced 15.35% from the high. But looking at the most recent 5 minutes (-2.7%) and 1 hour (-8.4%), with volume at 3.5x, this is heavy volume selling downward—not a low-volume pullback. The nature is different.

In terms of trend positioning: MA7 at 170.91 and MA25 at 173.96 are already above the current price. The short-term moving averages are in a bearish alignment. MA99 is still below at 143.50. The RSI has been falling all the way from the overbought zone to 32—this isn’t “a flush that’s done,” it’s emotion flipping directly from mania to cold. The current price at 169 is squeezed under moving-average resistance. Above at 194.95 is the ceiling. Support below is first at 138.51; and in the middle, this $30 gap is a vacuum zone.

The contract end is more interesting: the funding rate is -0.0916%, with shorts paying fees, indicating that shorts are already crowded. Open interest only moved -0.8%; there was no large-scale liquidation and no new capital entering—it's basically existing positions cutting each other. In this kind of structure, negative funding can easily trigger a short squeeze rebound, but the prerequisite is that the price must first hold steady. Right now, hard-absorbing here is essentially lifting the profit-taking crowd that pushed the move from 98 to 194.

In terms of operations: at the current price of 169, don’t participate—don’t chase and don’t catch a falling knife. If you want to go long, wait for a pullback to around 138.51 to stabilize, then consider it after you see a volume-backed rebound (“needle pullback”) . Place your stop-loss below 130. For targets, first look at the 170 moving-average resistance. If you want to go short, enter on a bounce and pressure rejection around 175–180. Put your stop-loss above 195. The warning line in the alert—"In this zone, about 60% drawdown ≥10%"—isn’t meant to scare you. After a +68% move in 24h, at this level, the risk-reward ratio is no longer on the long side.

That’s all for now—everyone, pay attention to risk.

Data snapshot: current price 169.01 | +67.60% in 24h | volume ratio 3.5 | RSI 32 | funding rate -0.0916%

— 10:57 screen notes