A racetrack that was originally an elite circle suddenly saw a large influx of novice drivers, causing the entire track's rhythm to become chaotic. $SOL has transformed from an elite game in 2023 into a public carnival, requiring more capital to drive the market during rallies, as the selling pressure from retail investors is more dispersed.

However, I don't think this is entirely a bad thing; more retail investors means better liquidity, but the volatility will be more intense. The key is to see whether the main funds still have enough control capability and whether they are willing to continue to go long in this environment.

From the perspective of the SOL/BTC exchange rate, it actually still follows a path similar to $ETH in its early stages, and the influx of retail investors may just be a phase in the growth process. The question is how long this phase can last and whether there will be new narratives to re-gather consensus afterwards.