DEX Trading volume of Solana chain is much higher than both Ethereum and Base chains.

Source: DeFiLlama

Solana chain already won. It seems spot SOL(Solana) ETFs are inevitable. Though SOL price broke 2021 ATH(All Time High) a few weeks ago, I think it's still undervalued with respect to the on-chain data.

Source: Binance exchange

I don't think this price is this cycle's SOL ATH(All Time High). Because, I expect 2025 is pretty much bullish rather than this year. So, this price is a kinda stepping stone.