At 1 a.m., the market still looks much the same: each coin is doing its own thing—one is surging on heavy volume, another is flat on the floor. Sentiment isn’t exactly good or bad; hot money is just circling around a handful of tokens while the rest are being ignored.

$SAND is seeing real buying volume this time. Its 24-hour trading volume is 416.1M, its price range is 35.5%, and it’s up 16% over the past 4 hours. Volume in the past hour is 5.94 times the 24-hour average. That kind of volume doesn’t come from retail traders piling in for fun—it’s real money changing hands. But the current price has already climbed back to 73% of its 24-hour range, and it’s down 2.77% over the past hour. Heavy trading near the highs, with the price swinging back and forth, suggests some are starting to sell while others are buying. The disagreement is growing.

$MINA is the exact opposite. It’s down 24% over 24 hours and is sitting near the bottom of its range, at the 8% mark. But it’s only down 0.13% over the past hour, and volume is just 1.2 times the average. That suggests the wave of panic selling ended a while ago. Now it’s just lying on the floor after the sell-off: nobody’s buying, nobody’s dumping, and trades are trickling in. It doesn’t even have the strength to bounce. Completely flat.

Looking at the past few hours, the top gainers and top losers keep swapping places, and individual coins are routinely swinging 30% or more. That shows the market has no real consensus; all the money is betting on individual tokens. In this kind of market, I’m not in a rush to draw conclusions. I’ll wait for two signals: first, whether the coins surging on heavy volume can sustain that volume—if it dries up, it was a one-off; second, whether the coins on the floor suddenly see a surge in volume and buyers start stepping in. Only then can we say they’ve truly found a bottom. Whichever signal comes first is the one to watch. Until then, observe and keep your hands off.

#行情分析 #涨幅榜 #TopLosers

These are just notes from the fishpond, not investment advice. How deep the water is—you’ll have to dive in and find out for yourself.