VIRTUAL token analysis after the crash, what the on-chain data actually shows

What the analysis covers:

- Holder distribution: concentration at the top is higher than healthy

- Perpetual futures open interest: positioning was overleveraged before the crash

- Momentum signals: negative across multiple timeframes at time of analysis

The conclusion is cautious, negative momentum with concentrated holdings and deleveraging in progress suggests waiting for clearer signals before buying the dip.

That is not a forever verdict. It is a timing observation based on data available at the time. On-chain analysis like this does not tell you what to do, it tells you what the current state of a market looks like.

How do you use on-chain metrics to make decisions during significant drawdowns in tokens you are interested in?