LSK has dropped to this level—on the valuation front, there’s already no more “meat” left to cut. It’s fallen more than 90% from its historical highs, and the float in circulating supply is approaching nearly 100%. There are no big unlock-related stones waiting to smash the market afterward. On-chain leverage: the long side’s share doubled over a 12-hour period, and the smart money quietly rebalanced at the low end. Don’t wait for so-called right-side signals—at this point, it’s the base-position zone of the valuation cycle.