SOL has shown strong recent performance, with significant recovery in ecosystem activity and high-performance chain narratives supporting valuation repair. Technically, Solana's low fees and high throughput characteristics attract a large number of DePIN and Meme projects to migrate, but historical downtime issues still pose risks to network stability. After the FTX incident, SOL has gradually shed negative labels thanks to institutional holding relief and Vitalik's recognition. In the short term, expectations of airdrops for Solana mobile users may stimulate buying, but attention should be paid to the capital diversion pressure if Ethereum ETFs are approved. If the long-term ecosystem maintains developer growth, it may solidify its status as an 'Ethereum challenger.'