From the perspective of capital flows:
24-hour contract top losers:
$ON -41.13%; $H -27.45%; $JCT -20.22%; PIEVERSE -12.74%; VVV -11.22%
Hot money is exiting these coins, with $ON -41.13% taking the hardest hit. Watch for two signals next: whether large buy orders absorb selling at the lows, and whether trading volume contracts. Once both appear, then we can talk about stabilization.