Solana's recent market performance doesn't look very smooth. The price just broke through $139, up 2.49% in 24 hours, but the real story is still to come.

The ecosystem data is indeed impressive—annual revenue soaring to a record high of $2.39 billion, daily active wallets stable at 3.2 million, and major traditional institutions like Morgan Stanley are applying for ETFs. Technical upgrades are also on the way. It sounds great, but the question is: can these positive factors support SOL's independent market trend?

Spot ETFs have already seen a net inflow of $1.02 billion, and institutions are indeed investing in blockchain infrastructure, which is no problem. However, while Meme coins in the ecosystem have brought traffic, their volatility is also frightening. Short-term sentiment and long-term value are two different things.

Honestly, the most difficult part is—under a Bitcoin-dominated market, can SOL find its own rhythm? On-chain data shows that over $28 million was withdrawn within just one hour, so short-term selling pressure should be watched carefully. Technically, if it can hold the $136 support and break through the $147 resistance, there might be a chance to open up new upside space. Otherwise, it’s just a rebound.