Recently, I've been paying close attention to the IP token, and I've found quite a few issues.

From a technical perspective, the rebound strength is clearly insufficient. No matter how it tries to rally, it can't hold key levels, and trading volume continues to shrink—an obvious sign of high price but low volume. The short-term moving averages are already in a bearish alignment. Every upward move is less a rebound and more like a knife being handed to the bears.

What’s more troubling is the pressure from the supply side. In mid-January, the unlocking window for VC and team tokens is approaching, and a large amount of low-cost chips will flood the market—this is almost certain. The market has long seen through this, and expectations are completely locked in, with the upside already overextended. Holders are quietly reducing their positions, and new buy orders are lackluster.

The exchange structure is also quite strange—trading volume on Korean exchanges is abnormally exaggerated. Not only are the price swings intense, but liquidity is entirely driven by short-term sentiment. In this situation, chasing longs? Essentially, it’s just transferring chips to those who buy at high levels, maximizing risk.

From an ecosystem perspective, TVL and activity levels haven't shown any signs of sustained improvement, and developer enthusiasm is mediocre. The narrative needs time to take hold, but with supply expanding and no new demand to offset it, medium-term pressure is very real.

My advice now is not to blindly go long. A more prudent approach is to short on rallies in batches, patiently waiting for opportunities created by supply releases and emotional adjustments. The short-term bearish pattern is already set, so caution is still necessary.