Once praised as the up-and-coming star of the cryptocurrency market, Solana [SOL] has recently experienced a significant change in public perception.
DonAlt’s View on the Changing Sentiment towards Solana
While the blockchain technology garnered attention for its robust fundamentals and increasing institutional interest, well-known crypto analyst DonAlt now indicates a tarnished reputation for Solana.
He suggests that the previously admired asset has swiftly transitioned to being “despised,” indicating a shift in how the market views it.
This abrupt transformation raises inquiries about whether the setbacks SOL has encountered are mere temporary obstacles or indications of more profound issues within its structure.
Sharing his thoughts on X (formerly Twitter), DonAlt commented,
“SOL went from being adored to loathed rapidly due to everyone on the network falling victim to fraudulent schemes.”
Solana’s Strong Underlying Fundamentals
Without a doubt, Solana’s momentum in the realm of cryptocurrencies continues to strengthen, bolstering its case for a potential approval for an ETF.
With prominent industry figures supporting its robust fundamentals, the platform has surged ahead in critical metrics, attracting a significant influx of new developers and surpassing Ethereum [ETH] in fee generation.
SOL’s flagship decentralized exchange (DEX), Raydium, has consistently outperformed Uniswap in trading volume, while the recent hype around Pump.fun has led to an increase in token creation, with more than 90% of new tokens in Q4 2024 launching on the Solana blockchain.
Furthermore, its expanding involvement in AI agent tokens and decentralized science (DeSci) further cements its leading position in the industry.
All these factors have positioned Solana as a frontrunner for ETF approval in the year 2025.
Persistent Concerns
Nevertheless, despite Solana’s rapid expansion, concerns persist regarding its early reputation, with analysts like DonAlt underscoring its past association with a “culture of fraud.”
During its initial stages, dubious projects flourished on the network, artificially inflating figures and enhancing visibility—a problem that was largely ignored by the community.
Unlike Ethereum, where co-founder Vitalik Buterin has taken a firm stance against deceitful practices, SOL’s leadership has faced criticism for allegedly permitting such misconduct.
This differentiation has sparked discussions about Solana’s long-term trustworthiness, even as it continues to excel in critical blockchain metrics and attract institutional attention.
Market Performance and Community Perception
Despite recent reservations, the community surrounding Solana remains predominantly positive, with 84% of users maintaining an optimistic viewpoint.
Although SOL’s value dropped to $183.37 following a 5.68% decline in the past day, this downturn may be linked to broader market trends rather than issues specific to the project.
In fact, as per analyst Ali Martinez, SOL has been following a clearly defined parallel channel, a pattern typically associated with stable price movements within defined boundaries.
This pattern implies that Solana may witness an upward surge, potentially targeting $225 or even reaching $260 should the trend persist.