Solana’s path back to $180 isn’t out of reach. But four key challenges need to be tackled first: 1️⃣ Onchain Activity: $SOL’s ecosystem is cooling off with network fees down 73%, and key dApps like Jito (-56%) and Magic Eden (-38%) are losing users. A revival in DeFi, NFTs, and real utility could reignite demand. 2️⃣ Leverage Demand: Despite a 52% price drop, traders aren’t jumping in. $SOL’s perpetual funding rates remain negative, signaling a lack of bullish conviction. A catalyst like a Solana spot ETF could force short-sellers to cover, triggering a rally. 3️⃣ MEV & Market Makers: Nearly 95% of Solana’s fees come from just 1.3% of users, mostly MEV bots and firms like Wintermute. If real organic activity doesn’t replace this, sustainability remains a question. 4️⃣ Trump Factor: World Liberty Financial has loaded up on $ETH, $WBTC, and $LINK but skipped $SOL.