Looking at the recent performance of SOL and reflecting on the overall state of the crypto market, there are indeed some abnormal signals.

From a broader perspective, the current monetary environment is quite loose—precious metals continue to rise, traditional stock markets are climbing steadily, and even the A-shares have recorded 16 consecutive positive days. Logically, cryptocurrencies, being more sensitive to policy changes, should have responded early and fully ignited. However, the reality is that the crypto market remains relatively cold, and this mismatch is worth pondering.

There are two possible explanations. First, the market may be preemptively digesting certain risks—geopolitical situations could have significant uncertainties, prompting institutional investors to lock in risk exposures in advance. Second, the crypto market itself might have accumulated some systemic risks, which, if triggered, could cause devastating shocks. The current lull might be a waiting period for this fuse to be lit.

If neither of these scenarios holds, then the logic is straightforward—the crypto market will eventually catch up, it’s just a matter of time. Once policy benefits and market sentiment are simultaneously ignited, the rebound could be quite substantial.