Following $LIGHT for over seventeen months, recent market movements are worth paying attention to.

From a technical perspective, the coin price has been continuously declining in the past hour and has broken below key moving averages. More concerning is the on-chain activity—there's a noticeable increase in large-scale sell-offs, which often signals a potential top in the phase.

The capital flow is also sending a pessimistic signal. As of now, the fee rate remains in negative territory, which often indicates that the market may further decline. Overall, there is still considerable room for downward correction in the coin price.

The current level has already shown clear signs of resistance. In such situations, the probability of further decline is relatively high. By observing market momentum, there may still be opportunities for short-term downward movement.