According to rumors, SOL will not perform as well as ETH in the second half of the year

Reason: Meme market is not good, selling pressure is increasing, and the Bankless analysis team expects that as the hype of Meme coins further subsides, SOL's subsequent performance will be worse than ETH.

Although SOL performed amazingly from October 2023 to March 2024, and then reached a peak price of $200, the novelty of the ecosystem seems to have peaked, and key on-chain indicators (including daily active addresses and DEX trading volume) have been stagnant throughout June.

Solana has seized the opportunity of Meme coin issuance in this cycle with its two characteristics of low fees and unified global status, but Meme coins have performed poorly in recent weeks.

Solana's top native meme coins WIF and BONK have fallen more than 50% from their highs in May, while other meme coins have performed worse. Most of the previously popular celebrity meme coins are close to zero. Although there is a view that the fading of the meme craze indicates that Solana is moving towards mass adoption in a healthy way, as Solana users become increasingly aware of the limited profits from on-chain meme coins, they may consider cashing out, leading to a deterioration in Solana's fundamentals and increased selling pressure on SOL.

On June 28, Coinbase Derivatives, as a designated contract market (DCM) registered with the Commodity Futures Trading Commission (CFTC), submitted certification documents to its regulator for the listing of SHIB, LINK, AVAX, XLM and DOT futures.

Although the recently filed spot SOL ETF has sparked hopes that Solana will be the next crypto asset to be offered to traditional finance, the SEC’s insistence in multiple lawsuits against cryptocurrency exchanges that SOL is a security, coupled with the lack of a regulated futures market, makes its approval unlikely.

Compared to SOL, AVAX has not yet been designated as a security by the SEC; future CME futures approval clears the way for spot AVAX ETF approval, just like BTC and ETH, the Bankless analysis team analyzes the next ETF to see SHIB, LINK, AVAX, XLM and DOT approval narrative.