SOL's recent performance is quite interesting — the price has been moving back and forth around 125, opening at 125.02, reaching a high of 125.08, then being pushed down, touching a low of 124.43 before rebounding, ultimately only falling by 0.01%. At first glance, it seems like a stalemate, but the signals behind it are worth pondering.

From a fundamental perspective, the news remains positive. Solana's DEX has seen trading volume surpass 1.7 trillion this year, overtaking some leading exchanges and gaining momentum to catch up with top-tier exchanges. Additionally, JPMorgan issued $50 million in short-term bonds on SOL last week, and 17 listed companies have accumulated nearly 12 million SOL as asset reserves — this isn't retail speculation; it's genuine institutional-level deployment.

So the question is, with so many positive signals, why is the price still stuck? Liquidity. At this time of year, most institutional traders in Europe and America are on holiday, leaving the market mainly to retail traders competing against each other. A $5,000 buy order can push the price up, while a $2,000 sell order can bring it down. During this liquidity vacuum, even strong fundamental news struggles to break the deadlock. Once the institutional traders return after the holidays, the situation may change significantly.