Solana's liquidity situation has reached an interesting inflection point. The question on everyone's mind: what catalyst could actually pull fresh capital back into this ecosystem?

Right now, it feels like we're stuck in a zero-sum game. Most retail traders have already rotated out, and what's left is basically the same tight circle of participants just recycling the same capital amongst themselves. Every pump gets faded by the next guy in line.

The on-chain activity tells the story - volume's there, but it's the same wallets moving the same tokens around. No new blood means no real expansion. Just musical chairs with SOL crumbs.

Anyone seeing different data? Or are we all just waiting for that next narrative shift to break this cycle?