Ever since Stranger Things first dropped on Netflix, the supernatural horror series has had fans obsessed. Now after nearly a decade, the story is racing toward its final showdown in Season 5.

The recently released teaser and behind-the-scenes leaks have sparked a wave of speculation. What happens to our favourite characters? Who’s really behind the chaos in Hawkins? And will Season 5 end the series with heartbreak or hope?

Below are some of the biggest and most talked-about Stranger Things 5 fan theories right now.

Jonathan Byers’ Dark Fate in Stranger Things 5

Jonathan Byers (Charlie Heaton) barely appears in the new teaser and fans think that’s no accident. In Season 4, he returns to Hawkins once again. Jonathan is shown in the trailer looking into Nancy’s eyes and saying, “This thing, it ties us together forever.”

The teaser also shows Nancy crying in front of a mirror and scrubbing blood off her hands. Whose blood is it? Many viewers believe it’s Jonathan’s, hinting at a tragic twist. Others point to a shot of Steve, Nancy, Jonathan and Dustin inside the Upside Down staring at Hawkins Lab, suggesting the danger may involve all of them.

Some fans have theorized that Jonathan will die in the final season. It would explain why Nancy was crying in the teaser.

Holly Wheeler Could Vanish in the Upside Down

Episode titles released last year included one called “The Vanishing of…” which immediately sent fans into overdrive. The leading theory was that it referred to the disappearance of Holly Wheeler, Mike and Nancy’s younger sister

In the Season 5 teaser, Holly and Karen appear to be submerged in water, hinting at a terrifying scene. Set photos leaked last year even showed Holly speaking with Henry Creel. Many fans think this foreshadows Vecna pulling her into the Upside Down, which could force the Hawkins gang to launch a rescue mission much like the one to save Will Byers back in Season 1.

Could Vecna snatch the youngest Wheeler while her siblings are distracted? That mystery is one of the most talked-about questions heading into Season 5.

Eddie Munson: Return of the Hero?

Eddie Munson’s death in Season 4 was one of the show’s most gut-wrenching moments. He sacrificed himself fighting demobats and died in Dustin’s arms but fans aren’t ready to let him go.

A popular theory says Eddie could return as Kas the Vampire (a Dungeons & Dragons character). Stranger Things is heavily inspired by D&D and it would not be a surprise if Eddie comes back as Kas.

One teaser shot shows Dustin visiting Eddie’s grave, which is vandalised with the words “Burn in Hell” scrawled in blood. This has added further fuel to the speculation.

Could Vecna use Eddie’s body, or even bring back Chrissy, Fred and Patrick as twisted versions of themselves? If that happens, Eddie could either fight Vecna or be turned into one of his minions.

Will Byers’ Connection to the Upside Down

From the very first episode, Will Byers (Noah Schnapp) has been at the heart of the Upside Down mystery. In new footage, he’s seen talking to Joyce about that night in November 1983 when the Demogorgon first took him.

This season appears to bring the story full circle. One chilling teaser moment shows Will screaming “Run!” while looking upward. It is exactly how Vecna’s victims look when his powers take hold.

Could Will be the next victim of Vecna? Some fans believe he might sacrifice himself to save his friends and Hawkins, while others think his connection to the Upside Down will finally be the key to defeating Vecna.

How Stranger Things Might End

The Duffer Brothers have described the finale as “logistically insane,” teasing a truly ambitious climax. Some fans imagine a time jump after Vecna’s defeat that shows a bittersweet future for the survivors, while others believe a major character like Eleven could die to protect the rest.

Toward the end of Stranger Things 5 filming, Finn Wolfhard (Mike) and David Harbour (Hopper) were spotted shooting an emotional scene together. That moment has only added fuel to speculation that Eleven might sacrifice herself to save Hawkins once and for all.

As Season 5 approaches, Stranger Things fans have never been more invested in theories. Which of these theories do you think will come true? Share your predictions in the comments below.

Also, check out our complete guide to the Stranger Things 5 release time in every country.