How old is the chair?
It's possible the hydraulic piston/seal is wearing out. Even more likely if it's some mass produced piece of crap chair.
As to fixing it, do a Google search for the chair and see if you can order a replacement piston.
I work in office furniture. It could be a small retaining pin on the gas cylinder that fell off. Check around the floor and see if you see it. Looks a little like a grenade pin. Could also be the gasket on the cylinder blew. If so, not really way of fixing it without getting a new cylinder.
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It's possible the hydraulic piston/seal is wearing out. Even more likely if it's some mass produced piece of crap chair.
As to fixing it, do a Google search for the chair and see if you can order a replacement piston.