Is it ‘over for Solana’? 97% network activity crash sparks fresh debate

Solana’s community exercise has dropped by 97% in This autumn 2025, and SOL’s value crash adopted too.

From a peak of over 30 million energetic merchants in late 2024, the community’s traction has dropped to lower than 1 million month-to-month merchants in 2025. 

One analyst wondered whether or not it was “over for Solana” amid muted exercise. 

Supply: Dune

Though the contraction in buying and selling volumes in late 2025 was a broader market pattern, with Bitcoin value falling by over 30%, Solana’s [SOL] case was a little bit extra nuanced. 

Solana memecoins: A threat or take a look at mattress?

Solana and Hyperliquid have been key success tales this cycle. SOL, particularly, rallied from $8 to almost $300, over 35x progress from 2022 cycle lows.

Whereas the chain steadied and minimized community outages, memecoins remained a key income driver and visitors. 

Throughout the 2025 market rout, memecoins had been among the many first to be hit. However Solana supporters, like Marty Occasion, all the time view memecoins as a ‘take a look at’ for different ‘real-world’ functions. 

“Memecoin gamblers left after a profitable liveness take a look at, they are going to be changed by fairness merchants and 50m stablecoin customers – catch up.”

Even so, the near-term threat of memecoin exercise turned obvious. SOL’s value has declined from almost $300 to the yearly $120 help —  A 58% value decline throughout the memecoin lull. 

That being stated, the chain has garnered some institutional curiosity, equivalent to Visa for stablecoin settlements. Nevertheless, the community resilience might be potential if community exercise dominance shifts away from playing. 

Solana vs. Ethereum

Maybe, this might shut the income hole with Ethereum, which leads in institutional adoption. Up to now, in 2025, Ethereum has remodeled $1.4 billion in annual income whereas Solana raked in $5022 million — A 3x distinction. 

In 2024, nevertheless, Solana made $2.5 billion in income, suggesting a 5x decline this yr. Anatoly Yakovenko referred to as it a “loopy yr,” adding that, 

“It’s been a loopy yr. Can open permissionless protocols really develop and preserve revenues continues to be an open query.”

Supply: DeFi Dev

By way of investor returns, SOL has underperformed ETH by 56% this yr, a stark distinction to the over 24% relative good points made towards ETH final yr.

In truth, Fundstrat projected the SOL value may fall to $50-$75 vary in H1 2026. 

For analyst Ted Pillows, nevertheless, there was a better likelihood of a 15% surge to $134-$140, citing a large $1 billion upside liquidity of leveraged shorts. 

Supply: CoinGlass

Last Ideas

• Solana’s key community exercise driver, memecoins, has cratered by over 90% and dragged the worth with it. 
• Ethereum outperformed Solana in annual income threefold, opposite to the 2024 efficiency.