Possible Downside Risk After Lock-Up Expiration

The main trend still looks bearish to me. Since the price started falling from around the $220 area, it has continued to form lower highs and lower lows.

Right now, the $108–110 area is an important short-term zone. The price is trying to hold here, but I think the key support is around $95.20.

If $95.20 holds, we may see a short-term bounce toward the $120–125 resistance area. However, unless the price can break and stay above this zone, I would still consider it only a relief rally inside the larger downtrend.

Another important risk is the possible release of previously locked-up shares. When these shares become available for trading, early investors or existing shareholders may decide to sell. This could increase the available supply and create extra selling pressure, especially if market demand is not strong enough.

Because of this, a daily close below $95.20 could make the bearish scenario stronger and possibly accelerate the decline.

Levels I am watching:
$108–110: Current short-term decision area
$95.20: Main nearby support
$120–125: First important resistance
$172.43: Major resistance
$192.65: Strong upper resistance
$40.72: Long-term theoretical downside target if $95.20 fails

The dashed trend projection points toward the $31–40 area, but I do not think this should be treated as a direct price target. It is only a technical projection.

For now, my main scenario is:

$95.20 support → $120–125 resistance → $172.43 major resistance

Overall, the chart remains weak, and the lock-up expiration may add more pressure. I would be cautious with any rebound unless the price starts closing above $120–125.

This is only my personal technical analysis and not financial advice.