Looking at the on-chain data of a certain project, it is indeed worth being cautious. The daily trading volume hovers around $400,000, which is difficult to sustain for a project that has been online for half a year. A careful observation of the candlestick charts reveals that, apart from occasional rapid spikes, there are hardly any decent rebounds, and the overall trend appears to be suppressed.

What is even more worth paying attention to is the performance before and after the unlocking period — during that time, a large amount of public opinion emerged, and there were also significant changes in the project's holdings at the organizational level. The coincidence of these timing points, combined with abnormal trading characteristics at the mechanism level, reflects potential issues in the project's operation.

Insufficient trading depth, suspicious liquidity, and concentrated operations at key time points are all signals that need to be closely monitored when evaluating a project. When trading, it’s better to focus on data and less on stories.