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[Pharaoh's Market Watch] Everyone is asking Pharaoh, with the 100 billion unlock not crashing the price and SPCX rising 6%, is this institutions stepping in or just a last gasp rally? Pharaoh says directly, the unlock didn’t crash the price because the 13% big bearish candle after the earnings report already wiped out the panic sellers. The strong support around 105-110 is a classic "bad news priced in" signal. The data has already told us a few things. On earnings day, revenue doubled and losses narrowed, but AI capital expenditure hit 15.8 billion, which scared the market badly, causing an 8% drop after hours and another 13% drop the next day. On August 6th, the unlock day, 911.5 million shares worth about 100 billion USD were released, yet the stock price didn’t collapse but rose 6%. Short positions have reached 36%, with unrealized profits exceeding 9 billion USD, crowding to the extreme. Morgan Stanley directly set a target price of 300, saying the unlock is a buying opportunity, not bad news, and JPMorgan raised their target to 240. What does Pharaoh think? SPCX is not without risk now, but the risks are already out in the open—there are multiple rounds of unlocks ahead, with massive chips to be released before December, and shorts have not truly given up. But the characteristics of the bottom area have appeared: no drop on bad news, institutions starting to turn bullish, and the options market signaling a bullish outlook. Pharaoh leans toward the script that "the bottom area is forming, but confirmation requires volume and a move back above the 135 IPO price." Last time Pharaoh said you could bottom fish around 100 for SpaceX, so many loyal followers went in! $ETH $BTC $SPCX #财报观察员：解禁后反涨，SpaceX后续怎么看？ Follow Pharaoh, and your wealth won’t lose its way! #AIMemoryBullTest #FedHawksVsWeakJobs #SpaceXUnlockRebound