Written before the SOL surge!

This wave of market sentiment is at an all-time high, with BTC and ETH taking turns,

#sol this "crypto newcomer" is still holding back big moves.

Since May, the chips on the SOL chain have been completely exchanged—low-position and stuck positions have all shifted to the 160-200 range. It seems like an increase in holdings, but in reality, the capital inflow is not large, which feels a bit hollow.

On the macro front, the trade war is cooling, the stablecoin bill has been enacted, and interest rate cut expectations are stable. BTC has reached new highs, ETH is close to breaking its peak, and we are just waiting for the official announcement of SOL's ETF. With a small market cap, once approved, its explosive potential is astonishing.

Also, pay attention to the: Herfindahl Index

Currently shows that the chips are becoming more and more dispersed, and control is loosening, while ETH's large holders are concentrated and supported by belief.

Three major benefits for SOL: macro easing + ETF, ecological expansion, and real capital inflow.

With the macro leg steady, the ecology is boosted by Payfi, but just having MEME is not enough; there also needs to be a narrative that can convince large funds.

Short-term reliance on retail investor sentiment is useless; long-term depends on the belief of large holders.

When the wind comes, don't focus on the waves; the table-flipping shark may just be SOL.