Why Has The Solana Price Been In A Steady Downtrend Since January?

Solana’s price action this year has followed a clear but uncomfortable pattern. After pushing to a new all-time high around the $296 region in January, the rally quickly lost momentum and transitioned into a steady decline that has persisted for months. 
Many traders have attributed this weakness to a risk-off sentiment across crypto, but a deeper on-chain breakdown shared by crypto analyst Ardi on X suggests the story began well before the January peak and has more to do with who was