The Crypto Assets market has stirred again, with Large Investors of Solana (SOL) beginning to exchange their SOL for Ethereum (ETH). This move has sparked widespread discussion in the market about Solana's weak performance in the current bull run's second half.

Analysis indicates that Solana's weakness is closely related to meme coins in its ecosystem. During the first half of the bull run, Solana thrived due to meme coins, but now it has suffered heavily because of them. Launch platforms for meme coins like Pump, Bonk, and Orca began to sell off large amounts of SOL for cashing out after making profits, and meme coin players did the same. This concentrated selling behavior triggered a chain reaction, causing early large Solana holders to join the selling camp as well.

Unlike the general mindset of large investors holding onto coins in the early stages of a bull run, the current market widely believes that the bull run has entered its later stages, with strong selling sentiment. These threefold pressures—meme coin platforms, players, and the concentrated selling by early investors—have severely impacted Solana's price performance.

At the same time, Wall Street funds are currently mainly flowing into Ethereum, and only when ETH reaches a short-term high will the funds possibly overflow into Solana. This has led to a vicious cycle for SOL's price: every slight increase is quickly offset by a market pullback, and each rebound's peak is lower than the previous one, making SOL's performance increasingly weak relative to Bitcoin and Ethereum.

In this situation, the Solana community is pinning its hopes on the potential approval of a Solana ETF, expecting it to bring new growth momentum for SOL. However, this complex market dynamic indicates that the challenges faced by Solana go far beyond this, requiring a more comprehensive ecosystem development strategy to regain investor confidence.