**Market Focus**

This afternoon's 4-hour market movement has been quite volatile. Among the most volatile assets, TANSSI stands out, soaring from $0.00491 to $0.00782 within just a few hours, a 59.27% increase. This marks its consecutive several trading sessions on the gainers list, with a long-short ratio of 1.35 indicating a clear bullish momentum. Meanwhile, the top decliner, NAORIS, staged a different scene, with a sharp decline of 37.68%, dropping from $0.04294 to $0.02676, showing that the bears' strength is also significant.

**Gainers Observation**

Apart from TANSSI, RIVER, XNY, ALCH, and PIPPIN have also experienced double-digit gains. RIVER increased by 12.99% to $44.52, but it is worth noting that its long-short ratio is only 0.35, indicating a crowded short position and potential liquidation risks. XNY and ALCH rose by 12.64% and 12.59%, respectively, showing stable performance, with long-short ratios of 2.01 and 0.78, reflecting a divergence in market sentiment. PIPPIN's gains are more modest at 10.39%, but its contract volume reached 3.24x, indicating high market participation.

**Losers Observation**

In addition to NAORIS's steep decline, AIA, AVAAI, HANA, and ARIA all fell by more than 7%. AIA dropped 14.87% to $0.2602, with a long-short ratio of 2.38, suggesting that longs still dominate, which may hint at some market divergence. ARIA's decline is only 7.10%, but its contract volume is as high as 4.15x, reflecting intense market volatility.

**Technical Signals**

From the contract data, TANSSI's contract volume is 6.49x, with buy pressure at 4.62x, combined with its strong upward trend, indicating the potential for a major move. Although NAORIS has suffered heavy losses, its buy pressure remains at 1.13x, possibly indicating some support below. Overall, market sentiment is quite volatile, and short-term participants should closely monitor changes in long-short dynamics and liquidation risks.