I compared on-chain data for Solana over the past four years and found some interesting patterns.

During the bottom of the 2022 bear market, active users of SOL only shrank by 13%, and trading volume dropped by 51%. This performance was actually quite good for that time. But strangely, the price plummeted by 96%—that gap is a bit heartbreaking.

By 2024, the situation reversed. User numbers increased 25 times, on-chain revenue grew 56 times, and the fundamentals look extremely strong. So what happened? The price only doubled.

The most ironic part is the quiet period in 2023. Market sentiment hit rock bottom, no one was optimistic about this sector, and the price hovered sideways at the bottom for nearly a year. But at this moment when everyone was fleeing, it turned out to be a golden buying opportunity—just six months later, it surged tenfold.

I later realized: project fundamentals are indeed important, but they don’t mean you have to hold on tightly. What Solana’s four years taught me is—good projects combined with the right entry timing are the real secret to gains. If you miss the timing, even the best projects have to wait.