Analyze SOL's strength from three perspectives: faith, asset expansion, and chip structure, and explore SOL's future trends. 1. Faith comes from falling, consensus comes from rising Analysis: SOL fell from $259.9 to $8 (down 97%), similar to the historical shuffle of ETH (down 94% in 2018) and BTC, eliminating speculators and stabilizing holdings. The profit making effect during the rise attracts external buying, amplifies the fundamentals, and forms a consensus. Addendum: SOL's' faith 'comes from both bear market survival (fixing crashes, FTX crises) and bull market cycles (BTC ETF inflows). 2. Building assets is key, MEME leaders BONK and DePIN narrate Analysis: BONK locks in liquidity and attracts users through airdrops and hot speculation, while DePIN expands the SOL ecosystem and positions itself as a "productivity public chain". The success of public chains relies on profit generating effects and new narratives, rather than technological leadership. Addendum: BONK promotes on chain active addresses (200000 → 1 million+), DePIN utilizes SOL's high throughput to attract Web2 users. 3. Concentration of chips and lock-in to reduce selling pressure Analysis: FTX holds 55.8 million SOL (13%) due to bankruptcy lock up, similar to ETH 2.0 lock up, reducing circulating chips. The pledge rate of 70% and DeFi lock up further support the price. Concentrating chips is beneficial for price increases, while diversifying chips requires more games. Addendum: Unlocking FTX may bring pressure, similar to ETH Shanghai upgrade callback. Institutional funds enhance the stability of chips. When is SOL expected to rise? Short term (2025 Q2-Q3): The bull market continues, with a target of $300-350. Drivers: DePIN, BONK popularity, institutional inflow. Risk: Overheating, macroeconomic fluctuations. Mid term (2025 Q4-2026 Q1): FTX unlocking or triggering adjustment (10% -20%), target of $400-500. Driver: New narrative (AI, GameFi). Risk: Layer 1 competition. Long term (after 2026): If DePIN lands and leads the ecosystem, breaking through $1000; if ETH optimizes Gas or new chains rise, growth will be limited. Summary and Suggestions SOL's strength stems from faith reshaping, asset expansion, and chip locking. Suggestion: Short term positions, focus on $300-350. Mid term vigilance against unlocking FTX and increasing positions on dips. Long term tracking of DePIN and competitive dynamics. Monitor on chain data (active addresses, staking rates) and FTX progress. SOL