SOL truly looks awful, max further 10% downside against ETH here imo then chop chop chop (as its started doing on SOLBTC)
I wrote about this early this year - Solanas (potential, now real) issue is what was its boom - being valued as a tech platform, no monetary premium angle - whilst TEV/MEV was growing, this was an easy sell.
Now that revenue is shrinking/flat, and there's no killer apps besides memecoins/launchpads, it looks heavy.
I think the sol labs team have to try and figure out what they need to do to get a good perps protocol going, that's going to be the only high throughput valuable revenue capturing thing that can save the metrics this cycle, besides memes making a resurgence.
Beyond that, I see good spot ETFs (fidelity, blackrock) having an impact in Q4. ETH ETFs doing well will create tradfi fomo for 'whats next' and it'll be Solana, no doubt.
But yeah, for now, nothing makes me want to jump back in.
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