solana at $293 had zero US banks settling on it, fewer transactions, less stablecoin supply, and no commodity classification. solana at $87 has two US banks live for USDC settlement, 10.1b transactions in Q1 (record), $14.6b in stablecoins (up 167% YoY), and SEC/CFTC commodity status. the token at ATH was pricing in hope. the token now is pricing in a network that doesn't exist anymore. 425m SOL staked at two year highs. FTX overhang down to $16m/month in distributions. firedancer and alpenglow hitting mainnet this quarter. the market priced SOL for what it was in 2023 and forgot to update the model.