SOL - The Next Collapse May Be Inevitable

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Fundamental Analysis:
Solana pumped strongly in 2020–2021 because it offered high speed, low fees and a new ecosystem that attracted developers and traders. The same thing happened again in 2024–2025, but this time the main driver was the huge wave of easy-to-create tokens and memecoins. Anyone could launch a coin in a few minutes and many of these tokens were dumped on the market with no real purpose. Now that most of these new coins are losing popularity and people are realizing that many were simply scams, activity on the Solana blockchain is starting to slow down. Even with the recent Solana ETFs, large investors will likely wait for a major price drop before buying, not during a hype phase that has already ended.

Technical Analysis:
The price almost hit $300, then made a very strong correction of around 68%. After that, the market struggled to bring the price back to $250, and it quickly fell again to around $135. This tells me that the zone between 200–300 was used by whales as a distribution zone. They sold heavily while the market was excited, and the weak recovery shows that buying pressure is not strong anymore.

My Expectation:
Because the fundamentals are weakening and momentum is fading, I believe the next range of distribution will move lower, likely around [$100–$200]. If activity keeps dropping and no new narrative appears, holders may rush to exit and the price could fall sharply.

This is not a signal to short — it is only my personal point of view on how Solana currently looks to me.