This year has been quite tough for Solana (#sol ), which has dropped by 27% so far, making it the worst performer among the top five assets by market capitalization. However, don’t be quick to say it’s over; its ecosystem is actually still quietly gaining momentum. Long-term holders may feel the pressure of losses, but new partnerships and on-chain activity keep the FOMO sentiment alive.

#solana has recently made significant moves in risk-weighted assets (RWA), such as Bhutan tokenized gold, Keel's $500 million fund, and Ondo Finance's tokenized liquidity fund, all operating on the Solana network. This shows that investors are confident in Solana's on-chain performance and speed. The on-chain data is also interesting; since the major drop in mid-October, approximately 2 million new addresses have joined the network, bringing the total to over 6.5 million, while large amounts of SOL have transferred from exchanges to new wallets, indicating that ecosystem activity remains high.

Short-term charts look bearish and the technical outlook is not optimistic, but in the long term, Solana is transforming from a speculative coin to a utility asset. Although it has suffered greatly this year, the development of the ecosystem and potential for real-world applications may become new growth drivers. Investors who pay attention to on-chain data and RWA deployments might see opportunities for Solana's resurgence. Now may be a critical time to observe its ecological transformation and future trends. #加密市场反弹