Recently, the market hype around $SOL seems a bit inflated! Although a target price of 230-300 has been called out, the reality is quite stark—$407 million worth of liquidations occurred within 24 hours, with short positions accounting for 78%. SOL itself also faced $1.44 million in liquidations, indicating that leveraged funds are already experiencing a cascade.

More critically, the current annualized funding rate for SOL is as high as 109%, with $5.66 million in short liquidations within 4 hours, which is 6.5 times the amount from the previous 12 hours. This surge is not a true ecological breakout; rather, it is driven by forced liquidations of shorts and high transaction fees pushing the price up.

To reach 230, an additional $30 billion in market value is needed, but liquidity across the network is shrinking; to reach 300, it would have to surpass BNB to become the third-largest coin, yet the total locked value in the SOL ecosystem is only $1.9 billion, which cannot support such a scale.

Even more troubling, meme coins like DOGE and MEOW have also made it onto the liquidation list, with funds all rushing to speculative investments, further draining the lifeblood of SOL ecosystem development.

Ethereum's rise to 4000 is already a foregone conclusion; how far off is the next 100x opportunity? At that time, altcoins are likely to witness an unprecedented surge.

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