In the short term, CDN tokens have been positively affected by the spillover effect from the surge of A-share stablecoin concept stocks, resulting in a warmer investment sentiment and potentially higher trading volume, with technical attempts to break above resistance levels. However, this rally is not driven by fundamental changes in CDN, so caution is advised regarding the risk of a rapid pullback from short-term profit-taking. Investors are recommended to focus on CDN's technological implementation and compliance developments to evaluate long-term value support. In terms of price strategy, appropriately increase positions if key upper resistance levels are broken, and closely monitor short-term support levels below to handle potential volatility.

**Summary**

On June 23, A-share market stablecoin concept stocks collectively surged, with leading industry players seeing intraday gains of over 14%. This round of gains was mainly concentrated among several listed companies related to stablecoins.

**Interpretation**

- Investor Sentiment Indicator: This phenomenon reflects a significant short-term renewed focus on the stablecoin sector in the market.
- Concept-Driven: Companies with high relevance to stablecoins have become the focus of capital speculation, driving the overall sector valuation upward.

Although this rally was not directly driven by the spot crypto asset market, the concept linkage effect of stablecoins may transmit to CDN market sentiment.

On June 23, data from Tonghuashun revealed that stablecoin-related stocks were active in the A-share market. The top six stocks on Tonghuashun's hot list in the past hour were all related to stablecoins, including Hengbao Co., Sifang Jingchuang, Annie Co., Chutianlong, Dongxin He Ping, and Lakala, with daily gains of 9.39%, 14.28%, 9.97%, 9.04%, 2.49%, and 11.59%, respectively.

Data: The top 6 stocks in the recent 1-hour hot list on Tonghuashun are all related to stablecoin concepts.

**Bullish Sentiment Heating Up**

- Risk Appetite: Speculation in the A-share sector brings a short-term revival in risk appetite, which helps stablecoin-related assets gain a premium in spot markets.
- Liquidity Effect: Assuming part of the cross-market arbitrage demand materializes, CDN trading volume may see a short-term increase, further driving prices to test key resistance levels above.

**Technical Indicators**

- Sideways Consolidation: According to Bybit's latest candlesticks, CDN has experienced narrow-range fluctuations in recent days. If volume supports a breakout, watch the previous highs above as resistance.
- Support Level: The short-term support below focuses on the previous low region. If this level holds, it would validate the sustainability of current sentiment.

**Fundamental Review**

- Compliance & Application: The speculation in A-share concepts is not directly related to CDN’s technology deployment or compliance progress. Attention should be focused on actual project implementation and regulatory direction.
- Valuation Regression: After short-term sentiment fades, the market may re-examine CDN fundamentals, placing pressure on valuations to revert.

**Risk Alerts**

1. Concept speculation brings high volatility; when short-term profits are realized collectively, CDN may face a rapid pullback;
2. If enthusiasm for A-share concept stocks cools quickly, cross-market premium expectations will be dampened;
3. Over the long run, liquidity, compliance, and application scenarios are the core pillars supporting value.

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Bybit-eu

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