Why has $SOL been underperforming in the latter half of the bull market?

Recently, large investors have frequently exchanged SOL for ETH, clearly attracted by ETH's strength.

The reason is quite straightforward: in the first half, the increase was driven by MEME projects, but in the second half, these MEMEs have turned against them.

First half: MEME projects like PUMP, BONK, and ORCA surged, with players using SOL to participate in new projects, holding coins long-term in anticipation of price increases.

Second half: MEME teams began to cash out, selling SOL; players realized profits and also sold off; old whales noticed the price decline and followed suit, leading to a triple pressure that made it difficult for SOL to rebound.

Additionally, Wall Street capital is currently almost entirely betting on ETH; only when ETH rises to a peak and briefly stagnates will funds flow back into SOL.

As a result, when SOL rises, the overall market drops, and when the market falls, SOL drops even more sharply, making it difficult for rebounds to reach new highs, falling into a vicious cycle.

Currently, the only hope is whether the SOL ETF can bring about a wave of effective counterattack. #ETH巨鲸增持

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