Solana’s network activity has dropped by 97% in Q4 2025, and SOL’s price crash followed too. From a peak of over 30 million active traders in late 2024, the network’s traction has dropped to less than 1 million monthly traders in 2025. One analyst wondered whether it was “over for Solana” amid muted activity.
Solana and Hyperliquid have been key success stories this cycle. SOL, in particular, rallied from $8 to nearly $300, over 35x growth from 2022 cycle lows. During the 2025 market rout, memecoins were among the first to be hit. But Solana supporters, like Marty Party, always view memecoins as a ‘test’ for other ‘real-world’ applications.
SOL’s price has declined from nearly $300 to the yearly $120 support — A 58% price decline during the memecoin lull. That being said, the chain has garnered some institutional interest, such as Visa for stablecoin settlements. So far in 2025, Ethereum has made over $1.4 billion in annual revenue while Solana raked in $5,022 million — A 3x difference. In 2024, Solana made $2.5 billion in revenue, suggesting a 5x decline this year.
Leave a Reply