In 2025, with institutional funds withdrawing, Solana lost 97% of traders. Solana network activity has collapsed by 97% from its peak in November 2024, while retail investors continue to buy, and institutional wallets are exiting.

This cryptocurrency reached a historic high of $296 in November 2024 but has since fallen nearly 58%, with on-chain data revealing a clear divergence between wallet sizes and trading behaviors.
What happened: Institutional exit. Crypto trader Ardi revealed that since Solana peaked in November, buying pressure has mainly come from retail-sized wallets, with purchase amounts between $0 and $1,000.
Distribution began before the all-time high, and selling accelerated in the months leading up to October 10, 2024, indicating that major participants had planned to exit before the decline.
Mid-sized wallets handle $0 to $100,000, while institutional wallets managing $100,000 to $10 million have been steadily declining for about 13 months. Retail wallets showed continuous growth during the same period, suggesting small investors still believe SOL is undervalued despite institutional withdrawals.
On-chain data reveals an almost perfect correlation between Solana demand and memecoin activity on the network.
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Revenue Collapse. Investor and trader Jas reports that active monthly traders on Solana dropped from about 30 million in 2025 to less than 1 million, representing a 97% decline in network activity.
Network revenue has decreased fivefold year-over-year, from $2.5 billion in 2024 to $500 million in 2025. Ethereum generated $1.4 billion this year, surpassing Solana by 56% year-to-date.
"THE future of SOL may no longer depend on memes but more on how they perform afterward," Jas said.
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