Thoughts on SLV - Is the Silver Play Really There Anymore?

Watching $SLV today, seeing it dip to $52.21 after some earlier volatility between $51.19 and $52.89. It got me thinking about the broader narrative around silver as an inflation hedge or a safe haven. It feels like the arguments for a significant breakout are getting thinner, or at least the market isn't buying into them with conviction. We see these short-term pops, but then it struggles to hold. Is it possible the 'silver is going to the moon' crowd is just clinging to a fading thesis, and the real capital is flowing elsewhere?

I'm honestly starting to wonder if the long-term bullish case for silver, at least via an ETF like $SLV, is overhyped relative to its actual performance and the opportunity cost. I'm open to being wrong here, but the data just doesn't seem to back up the strong conviction a lot of people still have. What am I missing? Push back on this.