$SOL Decisively short.

The trading volume on the Base chain DEX has officially knocked Solana off its throne, and this is not an accidental fluctuation but solid evidence of a large-scale liquidity migration. Faced with this bleeding market, I directly went all-in with a $400k short position, waiting for it to plunge below $70!

1. Base chain's massive drain of Solana's liquidity
On May 24, the daily trading volume on Base DEX surpassed Solana’s for the first time, reaching $400k compared to Solana’s $1.22B, topping the charts. This is just the beginning—Solana’s DEX trading volume in May has fallen to 94% of Ethereum’s level, a free-fall from the peak at the start of the year when it was at 218%. On-chain active addresses plummeted 42% from a high of 1.19B to 5.01M, DEX weekly trading volume was halved from 25 billion to 11 billion, and TVL dropped below $6 billion. The most terrifying sign is that perpetual contract funding rates have fallen into negative territory, with demand for short positions surging—this is the clearest market consensus shifting towards bearishness.

2. Wall Street leads the dump
Goldman Sachs completely liquidated all Solana ETFs under Grayscale, Bitwise, and Fidelity in Q1, totaling about $108 million. At the same time, Goldman Sachs also cleared all XRP ETFs, and Ethereum ETF holdings were cut by 70%, while they simultaneously increased positions in crypto infrastructure stocks like Circle, Coinbase, and Robinhood. Wall Street’s top risk control models are systematically closing out blockchain exposure and shifting focus to sectors with real cash flow.

3. Regulatory and supply double whammy
If Elizabeth Warren’s CLARITY Act amendment passes, Solana could be reclassified as a “security.” Between May 8 and 12, a large-scale token unlock directly shattered the market. The buy-side capacity on exchanges is rapidly drying up; regardless of news interference, a dam of selling pressure has already formed.