To gauge project trends using airdrop market sentiment indicators, focus on key metrics. Analyze community engagement on platforms like Discord and X—active, organic discussions signal strong sentiment, while silence may hint at fading interest. Monitor token fully diluted value (FDV) at launch; high FDV often leads to price drops due to limited growth perception, whereas low FDV suggests upside potential. Track airdrop size—distributions over 10% of supply foster loyalty, while below 5% risk quick sell-offs. Use web and X searches to assess hype and adoption trends. Sentiment tools like the VIX or social media buzz can reveal optimism or fear. Combine these indicators to predict short-term volatility or long-term stability, but always cross-check with project fundamentals for a balanced view.