Recently, SOL's performance has indeed been concerning for many. After failing to break through $130, it has been retreating all the way back and has now fallen below $125, indicating a generally weak short-term trend. The current situation is as follows: $124 has become an important resistance level, and the bulls are still making their last stand at the $122 line. But honestly, the real critical level is still at $120—if this level cannot be held, the bears' selling pressure could further intensify. Conversely, if it can hold steady, then it’s likely to continue oscillating and consolidating within this range. Short-term traders should pay close attention to these key levels. What’s more worth noting is that the year-end holiday is approaching. Economic indicators like weekly unemployment claims often stir the market, and with the year-end approaching, Americans will definitely want to cash out for the holidays. These factors combined could lead to significant market volatility. From a technical perspective, I personally lean towards a bearish outlook. As for the specific price levels it might hit or the best entry points, these details still need to be judged based on real-time market performance. The performance of leading cryptocurrencies like SOL and ETH in this kind of market environment is definitely worth watching.

In 2025, with institutional funds withdrawing, Solana lost 97% of traders. Solana network activity has collapsed by 97% from its peak in November 2024, while retail investors continue to buy, and institutional wallets are exiting. This cryptocurrency reached a historic high of $296 in November 2024 but has since fallen nearly 58%, with on-chain data revealing a clear divergence between wallet sizes and trading behaviors. What happened: Institutional exit. Crypto trader Ardi revealed that since Solana peaked in November, buying pressure has mainly come from retail-sized wallets, with purchase amounts between $0 and $1,000. Distribution began before the all-time high, and selling accelerated in the months leading up to October 10, 2024, indicating that major participants had planned to exit before the decline. Mid-sized wallets handle $0 to $100,000, while institutional wallets managing $100,000 to $10 million have been steadily declining for about 13 months. Retail wallets showed continuous growth during the same period, suggesting small investors still believe SOL is undervalued despite institutional withdrawals. On-chain data reveals an almost perfect correlation between Solana demand and memecoin activity on the network. Also read: Dogecoin surges after election: $1 Why the @E5@ theory is wrong and why it matters: Revenue Collapse. Investors and traders report that active monthly traders on Solana dropped from about 30 million in 2025 to less than 1 million, representing a 97% decline in network activity. Network revenue has decreased fivefold year-over-year, from $2.5 billion in 2024 to $500 million in 2025. Ethereum generated $1.4 billion this year, surpassing Solana by 56% year-to-date. "The future of SOL may no longer rely on memes but more on how they perform afterward," Jas said. Read the next: Is Bitcoin's rebound losing momentum? Analysts point to supply risks as Ethereum stabilizes #Gate社区圣诞氛围感