The area here forms a fluctuation range of 0.22~0.32, which is relatively healthy for a project that has just undergone TGE, especially since this project is also on Alpha, and the early supply needs to be absorbed slowly over a long period.

However, from the perspective of new projects coming online and undertaking a washout, I prefer the Fibonacci 0.786~0.86 retracement range, as most of the new projects I've seen this year have a similar structure.

That is to say, after going online, there tends to be a continuous retracement until the early Easy chips are gradually cleared, at which point the price can begin to stabilize.

Currently, the price range at this position is between 0.17~0.186. If the price does not pull back and remains oscillating above 0.22, it indicates a relatively strong condition. However, if there is a chance for a final washout, meaning a quick drop below 0.186 and then a recovery, it would confirm that the short-term floating chip supply has been thoroughly cleaned up.

This protocol has real profitability and enterprise-level business, with last year's ARR around 7 million USD, so it is worth keeping an eye on!