Solana Struggles Post-2024 Peak; Network Revenue Drops by 80%

Solana's trajectory has shifted from rapid growth to a struggle for relevance following its peak in November 2024. The network's momentum loss reflects technical and market challenges, as investors evaluate the potential for renewed demand or necessary catalysts.

Key Insights on Solana's Decline

Market interest decreased after Solana hit an all-time high of $296 in November 2024.
On-chain data indicates retail-sized wallets (purchases between $0-$1,000) dominate buying pressure.
Mid-size ($0-$100,000) and institutional-sized ($100,000-$10 million) wallets have shown a declining trend over 13 months.
Retail wallet activity remains strong, suggesting belief in SOL's discounted valuation.
The network's value may be increasingly tied to memecoins, impacting overall demand.

Future Prospects for Solana

2025 marked a significant reset for Solana, with active monthly traders dropping 97% from 30 million to under 1 million.
SOL's network revenue fell from $2.5 billion in 2024 to $500 million in 2025.
Ethereum outperformed Solana with $1.4 billion revenue, exceeding SOL by 56% year-to-date.
The future may depend more on developments beyond memecoins, as per analyst Jas.

Solana