The recent price of PNUT has seen a significant decline, currently reported at 0.2318, down 9.6% within 24 hours, with trading volume surging by 61%. In terms of contract Holdings, there has been a net outflow of 28.76 million USDT. Technical indicators show that the RSI has dropped to 18.9, entering the Depth Oversold area, and the lower band of the Bollinger Bands at 0.2306 has been reached.

The volume distribution shows that 70% of the trades are concentrated in the range of 0.269-0.322, with the price point of 0.2836 becoming a significant resistance above. The range of 0.228-0.235 has become a key area of low trading volume, and if the price falls below this range, it may quickly dip to 0.20.

In the short term, investors should closely monitor the volume changes in the range of 0.228-0.235. Only when there is a significant buying force in this range (with the rising volume exceeding 60%) should one consider attempting to go long. Otherwise, it is wiser to maintain a wait-and-see attitude.

From a cyclical perspective, the daily chart shows a clear downtrend, and the weekly chart has broken through the 0.30 support level, indicating a bearish mid-term trend. However, the short-term RSI indicator shows divergence, and with the Bollinger Bands reaching extreme values, there is a possibility of a technical rebound.

For traders with different risk appetites, the following strategies can be considered:
1. Aggressive: Go long with a light position in the range of 0.230-0.232, set the stop loss at 0.227, and target price of 0.245, with a potential reward-to-risk ratio of 4.3.
2. Conservative: Wait for the price to retrace to 0.245 without falling below it, and only consider entering when the volume exceeds 60%.
3. Conservative: If the price falls below 0.227, you can follow the trend to short, with a stop loss at 0.231 and a target price of 0.20.

For market makers, it is recommended to place bidirectional orders in the 0.227-0.245 range, utilizing the fluctuations between low volume areas and high volume areas for arbitrage. Set the stop loss at 0.5 times ATR (Average True Range) outside the range.

The market is ever-changing, and investors must act cautiously and manage risks effectively. Continuously pay attention to market dynamics and adjust strategies in a timely manner to seize opportunities amidst volatility.