Recently, data from the Solana network has attracted significant attention in the market. The data shows that the network activity of Solana in the fourth quarter of 2025 has plummeted by about 97% compared to its peak, and the price of SOL has also dropped sharply, sparking a new round of discussion among investors about whether “Solana has reached its end.” At the end of 2024, the monthly active trading volume of Solana once exceeded 30 million transactions, but after entering 2025, this number has fallen below 1 million, resulting in a cliff-like decline in on-chain activity.
Despite the overall cryptocurrency market being generally under pressure in 2025, with Bitcoin prices retracting over 30%, the decline of Solana is even more pronounced. Analysts point out that Solana's high dependence on Meme Coin activity has subjected it to greater volatility pressure during the market cooling phase.
In the last cycle, Solana and Hyperliquid were seen as successful representatives. The price of SOL soared from a low of 8 USD to nearly 300 USD, an increase of over 35 times. Meme coins contributed a significant amount of volume and fee revenue during this process and became an important source of traffic for the Solana network. Some Solana supporters believe that meme coins serve as a “testing ground” to provide stress tests for future real-world applications and stablecoin users.
However, after the meme coin craze faded, risks quickly became apparent. The price of SOL has fallen from its peak to around $120, the annual support level, a decline of nearly 58%. Nevertheless, Solana still attracts some institutional follow, such as Visa exploring a stablecoin settlement solution based on Solana, which is seen as a supporting factor for its long-term potential.
Compared to Ethereum, Solana is still at a disadvantage in terms of institutional adoption and revenue stability. Ethereum's annual revenue exceeded $1.4 billion in 2025, while Solana's was about $500 million, showing a significant gap. More notably, Solana's revenue was close to $2.5 billion in 2024, but saw a sharp decline in 2025. Solana co-founder Anatoly Yakovenko also admitted that it remains to be seen whether an open public chain can maintain sustainable revenue in a bear market.
There is a clear divergence in the market regarding price prospects. Some institutions predict that SOL may drop to the $50–75 range in the first half of 2026, while other analysts believe that in the context of heavily concentrated short leverage, there is room for a technical rebound of SOL to the $134–140 range. The future of Solana still depends on whether network activity can shift from being driven by speculation to a more stable growth of real applications.
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