During the Solana (SOL) ecological boom, the Solana ecosystem was full of vitality, and multiple projects (such as Jupiter, $Jito, $DRIFT, etc.) emerged, driving the rapid rise in the price of SOL.
However, Solana has entered an awkward period at present. The development of the ecosystem has gradually become weak, and DeFi projects are highly homogenized, facing the pressure of competition and innovation. There are doubts about the future of SOL, and it is worried that SOL will repeat the old path of Ethereum (ETH) "stake" and "restake" and fall into a technical bottleneck.
The prevalence of Meme coins has led to the dispersion of funds and attention, intensified competition, and increased the threshold for success, requiring professional teams to operate. The past era of "grassroots heroes" has passed, and the market has become more mature.
SOL's price performance is weak, and the exchange rate with Bitcoin (BTC) has experienced multiple shocks since the beginning of 2023 but has failed to successfully break through, showing that SOL's strong position has weakened.
In view of the possible selling pressure brought about by OTC unlocking in the future, SOL is no longer a long-term holding target, but has become an option among mainstream investment targets.
Although my opinion of Solana has changed, I am still grateful for my experience with Solana over the past three years. I have a deep understanding of its development process since the "running shoe era".