SOL

The Alpenglow upgrade, which occurred on September 28, was flagged as a key near-term catalyst. One signal called SOL the recommended buy ahead of it, and the upgrade is expected to enhance network performance. However, the upgrade is now past, and its completion could either confirm the bullish thesis if the market reacts positively or trigger a sell-the-news pullback if expectations were overshot. Traders may watch price action around the timeframe following the upgrade to gauge whether the momentum is sustained or fades, given that structural headwinds like the 97% fee collapse still loom.

The verdict combines all horizons, with the short-term overwhelmingly bullish due to the recent 23.6% monthly surge and fresh catalysts like MEXC liquidity and institutional moves. The mid-term and long-term sentiment is neutral, reflecting the bearish fundamentals of fee collapse and the need for a 152% rally to reclaim the all-time high. This split suggests the bullish case is largely tactical, driven by momentum and event-driven factors, while structural concerns may cap sustained upside. The overall bullish label appears to overweight the immediate strength, but readers should note the divergence between horizons.

MEXC having the leading order book liquidity for SOL means the exchange holds the deepest visible buy and sell orders at the market price, providing tighter spreads and higher capacity for large trades without significant slippage. This is generally positive because it indicates robust trading infrastructure and market maker interest, which can attract more institutional participation. In the context of Solana's recent price surge, strong liquidity helps sustain momentum by allowing efficient entry and exit for larger players. However, liquidity alone does not guarantee price direction; it simply reduces friction and can amplify moves if sentiment turns.

The collapse in daily fees from their peak points to reduced network usage and revenue generation, which is a fundamental concern for a blockchain's valuation. A 97% decline suggests that the initial fee-based demand spike was not sustained, raising questions about whether Solana's ecosystem can generate consistent income. While the price has recently rallied, fee levels are a key metric for network health. The long-term recovery depends on the Alpenglow upgrade and other initiatives reviving activity. Without fee growth, the price may struggle to sustain levels that imply strong network usage, reinforcing the neutral long-term sentiment.