The recent rebound of RAVE is essentially a tug-of-war between bullish and bearish funds. On-chain data is interesting — the top addresses increased their holdings by 1.7078 million tokens over three days, and the sixth-largest address also added 1.8981 million tokens. However, the second, fifth, and seventh largest addresses started to significantly reduce their holdings. This disagreement among the whales is directly reflected in the price, with the range between 0.30 and 0.33 becoming a battleground for repeated tug-of-war.

From the contract perspective, although the open interest is rising, there are sudden large sell-offs at high levels, indicating that the major players have not yet reached a consensus on pushing the price higher. This makes it difficult to form a trending market.

From a technical standpoint, it's even more straightforward. The 1-hour chart hits 0.3343 and then quickly pulls back. The MACD golden cross's red bars are very short-lived, indicating insufficient bullish momentum support. Looking at the daily chart, RAVE is still in a downtrend; the 0.322 level is at best a weak rebound after being oversold. Until the whales truly reach a consensus on their holdings, the price is likely to remain in a range-bound oscillation. Expecting a trending market in the short term is unlikely.