Solana's recent performance has indeed been impressive, with the price stabilizing around $140. Market sentiment has shifted from cautiousness to optimism—retail investors are turning bullish, and institutional funds are also entering the market, with FOMO sentiment growing stronger.

The problem lies here: there is a divergence between on-chain data and price movement. The number of new wallets in November was 30.2 million, now down to 7.3 million, a decline of over 75%. In other words, traders are making great strides, but the actual network growth is slowing down. This is a common phenomenon in the crypto space—sentiment leads, while fundamentals lag behind. Momentum traders have already rushed in, but on-chain activity has yet to catch up.

From a technical perspective, the outlook for the bulls is quite confident. SOL has broken through a multi-month descending channel, indicating a qualitative change in the price structure. Currently consolidating around $140, with $145 becoming the key resistance level. Once this level is stabilized, targets like $150 and $170 will gradually come into traders' view. The MACD has already turned positive, with the red histogram expanding, showing clear bullish momentum. However, to confirm a trend reversal, the price needs to hold above the upper boundary of the previous channel; otherwise, it may fall back into consolidation.

An even more interesting point is the fund flow on exchanges. Spot data shows continuous net outflows, currently around -$1.53 million. This indicates that SOL is being withdrawn from exchanges, and bullish traders are quietly accumulating.