In 2026, at the start of the year, although the crypto market experienced a slight correction, the macro environment is gradually becoming clearer. I want to share some practical observations on the primary market—this is what we truly care about.

**On-Chain Status: Opportunities and Traps Coexist**

Recently, friends active on Solana should feel that market sentiment has noticeably become more lively. From the whitelist phase with high chips to various creative narratives and RWA concepts emerging in turn, the ecosystem narratives have become diverse. But behind this prosperity lies a thorny problem—liquidity has recovered, but it simply cannot support so many narratives. Most tokens have very short active cycles; some don’t even last half a day before cooling off. You might think you're bottom-fishing or catching a bargain, but in reality, you could just be paying for the profits of the big players.

On BSC, things seem a bit duller. The gameplay is mostly controlled by expectations from a major exchange, with all the hype tied to a few key figures’ social media posts. Due to the presence of monitoring bots, once the official statement is made, on-chain transactions are instantly flooded. Without clear policy support or new trading pairs launching, retail investors’ survival space is indeed limited.

**Why Is Making Money Getting Harder?**

The on-chain environment is no longer the wild frontier of the past. Now, the most active participants are the most experienced "veterans"—algorithmic traders, professional market-making teams, and lightning-fast snipers. They have complete tools, aggressively scoop up chips at the bottom, and then slowly distribute them. This also explains why current project washout tactics are becoming more brutal; just as you understand the narrative logic, the price has already entered the distribution phase.