Ethereum has recently experienced a full recovery, with its on-chain funds TVL skyrocketing 40% in just one month, which indicates a rise in both price and volume; its TVL is a full 10 times that of Solana. However, in terms of growth rate, I think its small on-chain tokens might rise even more sharply, because if you look at AAVE's on-chain TVL, it has already reached a record $39 billion, far exceeding the previous bull market's $32 billion. This can be said to indicate a surge in usage, but if you look at its token price, it's only a bit over $300, while during the last bull market it was close to $700. So now AAVE has stronger data and more users, but its token price is only half of what it was in the last bull market, which is definitely undervalued. Retail investors who do not understand on-chain data would absolutely not know this; this is the information gap. However, from a short-term perspective, it has indeed risen quite a bit over the past two weeks. We can see if there will be a pullback before entering, which would be more stable, especially to hold for next year's Prague upgrade. The DeFi sector is also definitely undervalued by the market. Look at AAVE or Uni; these projects are necessities and truly high-quality assets, like Trump's family project WLFI, which also holds AAVE. Additionally, they have recently increased their holdings in Ethereum and ENA. However, 80% of the supply of ENA has not been unlocked, while 95% of AAVE's tokens have already been unlocked, with no selling pressure, so the difference is clear. Now, returning to the previous data from various chains, Sui has indeed seen an exaggerated rise, increasing by over 50%, but its on-chain data TVL has only risen by 26%, which is about the market average. Its total market capitalization has also reached around $40 to $50 billion, while Solana is just over $100 billion. Thus, Sui is almost approaching half of Solana's total market cap. Whether it is overvalued is for everyone to judge. It is not wise to chase high prices now, as there are many quality tokens still at the bottom that can be acquired.
