Today’s market has been quite volatile. A certain cryptocurrency surged from $0.153 to a high within a day, then sharply retraced to $0.131, a drop of over 14%. This is not just simple price fluctuation; behind it lies intense battles over the chips, which warrants a detailed analysis.

**What do on-chain chips reveal?**

Looking at the holdings data makes it clear. The average cost basis of the top 100 addresses is $0.147, while the top 10 addresses have an even higher average cost of $0.168. Currently, the price is stuck at $0.131, meaning that early investors and many follow-on traders are now trapped in a loss position.

The most eye-catching is the fourth-largest address—a major holder—who recently added 1.33 million tokens between $0.14 and $0.15. As a result, they are now sitting on an unrealized loss of $1.51 million, with a paper loss of 44%. You see, even such large-scale funds are being squeezed, indicating that the main selling pressure is concentrated around these cost basis levels.

**How big is the bullish and bearish disagreement?**

On one side, large funds are "bottom-fishing" but are now trapped; on the other side, the price is rapidly declining from a high level. What does this situation indicate? There is a significant divergence of opinions between bulls and bears in the market. Currently, the selling pressure outweighs buying, and this decline appears to be a market-driven correction—profit-taking and stop-loss activity—without any obvious negative news catalyst.

**Key levels to watch**

From a technical perspective, the current price is between some critical support and resistance levels, which are often the battlegrounds for bulls and bears. How to trade depends on whether these levels can hold or if a breakdown occurs and how the market reacts afterward. The market trend continues to evolve in this tug-of-war, awaiting confirmation of the next direction.