• Solana’s potential for an ETF remains robust, even amid changing market sentiments and past fraud issues.
• Growing institutional interest and the development of its ecosystem continue to highlight Solana’s long-term promise.

Once regarded as a promising player in the cryptocurrency landscape, Solana [SOL] has recently experienced a notable shift in public perception.

DonAlt Discusses Changing Sentiment Around Solana

While Solana has been in the spotlight due to its solid fundamentals and increasing institutional interest, well-known analyst DonAlt has pointed out that the blockchain’s reputation may have taken a downturn.

He noted that this once “cherished” asset has swiftly become “disliked,” indicating a shift in the overall market attitude.

Such a drastic change prompts a discussion on whether the recent challenges faced by SOL are merely temporary setbacks or indicative of more significant issues within its ecosystem.

On X (formerly Twitter), DonAlt expressed his thoughts, saying, 

“SOL went from being cherished to being disliked quickly due to a series of scams affecting everyone on the chain.”

Solana’s Strong Fundamentals Remain Intact

Despite these concerns, Solana continues to gain momentum in the cryptocurrency market, bolstering its case for potential ETF approval.

With major industry players advocating for its strong fundamentals, the network has excelled in critical metrics, attracting a significant influx of new developers and even surpassing Ethereum [ETH] in generated fees.

Solana’s leading decentralized exchange, Raydium, consistently outshines Uniswap in trading volume, while the recent surge in interest in Pump.fun has led to a notable increase in new token launches, with over 90% of new tokens for Q4 2024 debuting on its blockchain.

Moreover, Solana’s expanding presence in AI agent tokens and decentralized science (DeSci) further emphasizes its market leadership.

As a result, Solana is being positioned as a strong candidate for ETF approval in 2025.

Lingering Concerns About Reputation

Nonetheless, despite its impressive growth, lingering worries about Solana’s past have been amplified, as analysts like DonAlt have noted its history of encouraging a “scam culture.”

In its early days, questionable projects flourished on the network, distorting metrics and enhancing visibility—issues that were often overlooked by the community.

In contrast to Ethereum, where co-founder Vitalik Buterin has taken a firm stance against fraudulent practices, Solana’s leadership has faced criticism for allegedly allowing such activities.

This difference has sparked discussions regarding Solana’s long-term credibility, even as it maintains its leading position in crucial blockchain metrics and continues to attract institutional investment.

Price Trends and Community Outlook

Despite recent apprehensions, the community surrounding Solana remains generally positive, with around 84% of users holding a bullish outlook.

Although SOL’s price recently fell to $183.37 after a 5.68% drop in the last 24 hours, this decrease may be influenced more by overall market trends than by specific project issues.

In fact, analyst Ali Martinez indicates that SOL has been following a well-defined parallel channel, a characteristic often associated with stable price behaviors within set limits.

This pattern points to a possible resurgence for Solana, potentially aiming for targets of $225 or even $260 if the trend persists..