Solana (SOL) is facing challenges with on-chain rugs and potential investor unlocks

Solana (SOL) is facing challenges with on-chain rugs and potential investor unlocks, leading to a negative sentiment and a possible 45-60% drawdown from its recent high. Despite attracting criminal activity, Solana's technology remains promising, but the space needs to move beyond memecoin speculation towards more value-adding use cases. The recent washout may lead to a necessary cleanup of bad actors and an increase in industry standards. While short-term price fluctuations are uncertain, the long-term disruptive potential of Solana's technology for society remains intact. It's crucial to distinguish between criminal behavior and the overall value of the technology, as the crypto space evolves towards more sustainable and legitimate applications.