Recently, while exploring Solana meme coins, I discovered an interesting perspective that initially seems counterintuitive but has proven to be quite insightful in practice.

When doing a second-stage analysis of Solana, it's helpful to first take a quick look at the top-tier holdings. If all of them are wallets that chase the pump, lack risk management awareness, and react impulsively to market movements, then the success rate of the second stage will be significantly reduced—often leading to a peak followed by a sharp decline.

Why is that? Essentially, it's a matter of accumulation density. These wallets usually have mediocre track records and are mainly driven by pure FOMO. Once the chips are piled up, no one can push the price higher, and liquidity becomes awkward.

Nothing is a living example of this. The coin has now risen to 3.58 million, up over 20% from its low point, and at its most crazy, it even surged past +40%. Honestly, I don’t plan to cash out completely at this stage.

It’s not greed, but I feel that the story of this meme isn’t fully played out yet. Currently, it’s more like screening participants, and we’re far from the distribution phase.

So the conclusion is: second-stage opportunities definitely depend on market sentiment, but judging sentiment isn’t just about looking at hype indicators; you also need to assess the quality of the funds around you. With good teammates, the returns will follow.