OKSOL is a Solana liquidity staking certificate developed by OKEx, which will be launched on December 11, 2024. Users can use this coin to stake SOL on the OKEx platform. By staking SOL, users can obtain OKSOL at a 1:1 ratio. So is there a linkage between the prices of the two? The amazing thing is that the prices are the same.

Token supply is too high

Aggregators list more than 10,000 tokens, up from about 1,500 in 2017, a 10-fold surge.

Applications like pump.fun make token creation easy: over 4 million tokens have been issued since January 2024, with Solana’s Raydium issuing over 50,000 tokens.

A continuation of the meme, a shift back to fundamentals… or both?

2024 saw the rise of a combination of major cryptocurrencies and Memecoin. We explored these market dynamics in detail in our The Dog Days of Summer and Attention Is All You Need in-depth reports.

Will these market trends continue, ushering in another Memecoin-dominated year, or has the crypto market turned the corner and returned to fundamentals?

The reality is more complex, shaped by a combination of speculative enthusiasm and evolving market trends.

Solana Accelerates

In the last cycle, $SOL went from $1 to $260 in just one year, thanks to “Alt L1 trading” and its “Sam Coin” status.

While it’s still early days for the ecosystem, this attracted teams like Jito, Drift, and Helium, which ultimately became the foundation of the Solana network.

However, Solana pursued rapid growth too much. By 2022, the phoenix fell due to FTX fraud, the bear market, and doubts about the stability of the chain.

From peak to trough, SOL experienced a 96% decline.

On Christmas Day 2022, ‘Bonk’ airdropped half of its tokens to the Solana community. At the time, SOL was trading at $11 and market sentiment was low.

However, $BONK brought hope. A few days later, SOL bottomed out at $8, capping off a tough year.

Looking ahead to 2025, some questions remain unanswered:

  • Has the repricing of SOL been completed?

  • Will Memecoin lose its popularity?

  • Can Base grab market share?

  • Will Ethereum fight back?

While these concerns are valid, they miss the point. Solana’s 2025 story is based on two core beliefs that will shape its future:

  1. Solana’s data suggests SOLETH is re-pricing. Underlying activity shows strong fundamentals, suggesting it still has room to rise relative to ETH.

  2. Leadership and Culture: Solana’s continued innovation and thriving ecosystem puts it in a unique leadership position in the crypto space