According to BlockBeats, on August 22, top trader Eugene Ng Ah Sio shared insights on social media indicating signs of a market rebound. Ng highlighted several key points contributing to this outlook:

Firstly, he noted that after sellers offloaded their tokens, the chart hit a bottom at $1.4. This suggests a potential stabilization in the market. Additionally, the upcoming earnings report from Nvidia, coupled with a recovery chart, is seen as a positive indicator for the market's direction.

Furthermore, Ng pointed out that a recent governance proposal could result in up to $17 million in validator buy-in pressure, potentially causing a supply shock. These factors combined have led Ng to believe that the market is showing sufficient signs of a rebound.