$SOL Decisively Short!

The leading player in the DEX track officially changes hands. Base’s 24-hour trading volume topped the charts for the first time, forcibly pushing SOL off its long-standing throne. When market share is eroded at this scale, it’s simply not something short-term volatility can fix. The numbers are right in front of us—so I directly go all-in by killing the entire 2.8 million USD short position. I’m targeting this trend of systemic collapse!

1. Base surpasses Solana for the first time within 24 hours, with market share being severely squeezed. On May 24, Base’s on-chain DEX 24-hour trading volume reached $1.217 billion, officially surpassing Solana’s $1.193 billion. Base’s rapid growth over the past few months has repeatedly challenged the market landscape, but this is the first time Base has overtaken Solana in this key 24-hour trading volume metric. The two are currently extremely close in size, meaning Solana’s DEX dominance has begun to loosen—not a one-off coincidence. Coinbase’s “kid” project, Base, has institutional-grade resources and traffic entry points. As Coinbase increases its integration efforts, Base’s liquidity siphoning effect will only keep getting stronger, continuously diverting SOL’s short-term trading demand away from Solana.
2. On-chain momentum and capital are still steadily leaking out, and the ecosystem’s strength has already weakened significantly. In May, DEX trading volume has fallen to 94% of Ethereum’s level, a steep drop from the January peak when market share was 218%. SOL is currently stuck around $86.3, far below the 200-day moving average of $108.5. After it fell below $85 on May 19, it has been under pressure for multiple consecutive days. Faced with Base’s positive head-on liquidity competition, Solana simply has no ability to defend its moat.
3. Goldman Sachs fully cleared out $108 million worth of SOL ETF positions in Q1. This isn’t risk aversion—it’s a red light collectively flashed by institutions. As early as mid-May, Goldman Sachs completely liquidated all SOL ETF holdings. Not a single product from Grayscale, Bitwise, or Fidelity was spared. Bitcoin ETFs still sit as solid as ever in Goldman Sachs’ portfolio, but its stance toward altcoins is extremely cautious. Without incremental institutional capital to back it up, SOL’s mid-term liquidity support will become even more fragile.

SOL’s DEX throne is already wobbling. Base is accelerating the diversion of core liquidity. Goldman Sachs’ full liquidation and the overall broad weakness in the data are pointing in the same direction. Lock in the $280,000 full-position short—waiting for SOL to fall below $80 and then go straight for $75 in this supply-vacuum zone!