Chiliz (CHZ) has surged in the past 24 hours, second only to Near Protocol (NEAR), with volume surging 80% to $80.41 million.However, technical analysis shows that the stock is testing strong mid-range resistance within the descending channel, with a bearish crossover on the MACD indicator and open interest rising to $44 million, indicating an increase in leveraged long positions.This pattern suggests that this rally, driven in part by short liquidation, risks falling into a bulls' trap if it fails to break through resistance.