Layer 2 · rank #697

Metis METIS

$3.48-2.9% 1d+30.2% 7d+38.5% 30d

Amber List Recovering Phoenix · monthly · score 77.5 full bullish continuity

Monthly: forming bar is a green 2-Up. Last confirmed swing low 2.25 (Aug 2026), month 1 of a cycle that has typically run 7. Cycle-low confidence 26%.
Weekly: forming bar is a red 2-Up. Last confirmed swing low 2.25 (Aug 2026), week 3 of a cycle that has typically run 5. Cycle-low confidence 43%.
Daily: bar is a red 2-Up. Last confirmed swing low 2.59 (2026-08-30), day 8 of a cycle that has typically run 5. Cycle-low confidence 31%.
Amber List: 80% below the 2025-09-19 high; +54% off the 365-day low.
Phoenix: 98% decline over 29 months, monthly swing low confirmed (next-bar), now +54% above the trough; no weekly pullback yet — the entry is the pullback, never the chase.
Gauges: Mayer multiple 1.15 (neutral); -87% vs the 200-week average; -97% from the all-time high.

From the peak to today, log scale

Where it sits in each cycle

a swing low confirms only when a later bar takes out the low bar's high

stopped falling, by the rules

Score 77.5

CoinGecko + DefiLlama, pulled 2026-09-07 .xlsx

Health44 / 100 · Thin

Liquidity (24h volume / market cap) can you get out	67.11 %	15.0 / 15
Supply overhang (FDV / market cap) unlocked supply waiting to sell	1.26 x	13.0 / 15
Size (market-cap rank) survivorship	697 #	0 / 15
Usage (price / annualized fees) fees people actually pay to use it (DefiLlama)	1717.8 x	0 / 20
TVL backing (market cap / TVL) capital parked in it (DefiLlama)	9.91 x	0.2 / 15
Fee momentum (30d vs prior 30d) is usage growing into the recovery	10.5 %	6.1 / 10
Age on Coinbase survived a cycle	4.2 yrs	10.0 / 10

7 of 7 measurable; score renormalized over what was measurable.