Strong Technical Fundamentals

The daily active addresses on the Solana network have surpassed 11.1 million, and the total on-chain USDC volume has reached $10.23 billion, demonstrating the ecosystem's attractiveness. The Firedancer client is about to be fully deployed, reducing transaction confirmation times to 1 millisecond through a multi-execution cluster architecture, combined with the InfiniSVM hardware-accelerated blockchain launched by Solayer, laying the foundation for a technical upgrade to challenge Ethereum's market capitalization.

Accelerating Institutional Layout

BlackRock's RWA fund has officially landed on the Solana chain, pushing the total market value of on-chain stablecoins to exceed $15 billion. Canada has approved multiple SOL spot ETFs, and although the U.S. market is affected by the SEC's classification of securities, Standard Chartered Bank predicts that approval may come in 2025, which is expected to bring in an additional $5 billion in funds.

Divergent Price Trends

The technical indicators show that the 50-day moving average ($135.5) has formed short-term support, but the 200-day moving average ($188) still exerts pressure. There is significant disagreement in the market regarding price predictions for 2025: conservatives expect a year-end target price of $208.95, while radicals, based on ETF expectations and the implementation of Firedancer, suggest it could challenge $1,000. Caution is warranted regarding the $2 billion selling pressure from the unlocking of the March FTX legacy, as well as the volatility risks brought by regulatory uncertainties from the SEC.$SOL