On-chain activity has shown new movements—recently, the veteran holder community in the Solana ecosystem has collectively started to buy up at this price level.

Looking at real-time on-chain monitoring data, there is an interesting shift: the large sell pressure on SOL has significantly decreased, while medium- to long-term funds ranging from a few thousand to hundreds of thousands of dollars continue to flow in. To put it more plainly—"those who have experienced intense volatility are now standing firm, while veteran players holding coins are gradually building positions."

The most direct signals come from on-chain indicators: the net inflow of whale addresses holding SOL over the past 30 days has hit a yearly high, and the lock-up volumes of RAY and SRM within the ecosystem are also rising noticeably. This seems to imply that the market is betting on two things—first, the upcoming implementation of ecosystem expansion and infrastructure upgrades; second, the recent surge of new projects in the GameFi sector generating heightened expectations.

However, it’s still premature to declare a "successful bottoming" now. In a bear market environment, every rebound can be exploited by institutions to sell off and push prices down, and Solana has already experienced several "false breakouts" since last year. What’s different about this round of capital accumulation compared to previous ones? Is it driven by genuine ecosystem value, or just another round of short-term speculation?

What’s your take? Feel free to share your observations in the comments.