Another night of watching the market. Seeing the entire market sink along with BTC, with green so glaring it hurts the eyes, one coin stood out—DUSK. In the past 24 hours, it surged over 9%, firmly holding above $0.23, showing remarkable resilience. But if we’re playing with derivatives, just seeing this counter-market rally isn’t enough; we need to understand what signals this really sends.

First, let’s look at trading volume, which is probably the most worth analyzing. Over the past 24 hours, DUSK’s trading volume reached $112 million, nearly matching its total market cap. How should we interpret such a "massive" volume? Essentially two ways: one, new investors FOMO-ing in, pushing the market further up; two, major players offloading holdings, taking advantage of the hype to sell.

On-chain data provides a clearer answer. On January 16-17, over 6 million DUSK tokens were transferred to exchanges daily, hitting recent highs. That’s not a good sign. In plain terms, early smart money is pouring into the market while the heat is on, planning to cash out soon. So don’t just look at the rising price—there’s selling pressure quietly building behind the scenes.

Now, let’s examine the technicals. From a long-term perspective, DUSK’s recent rally has been fierce, more than quadrupling since the beginning of the year, and breaking through a year-long downtrend line. The long-term momentum indicators have turned positive, showing bulls are in control. But the short-term overbought signals are already very clear, which makes this quite interesting.