Solana Loses 97% of Traders as Institutional Money Exits

Solana's network activity has plummeted by an astonishing 97% since its November 2024 peak, when it reached an all-time high of $296. This drastic decline is largely due to institutional investors exiting the market, while retail buyers continue to purchase SOL.

According to on-chain data, mid-sized wallets handling between $0 and $100,000 and institutional-sized wallets managing $100,000 to $10 million have been in steady decline for approximately 13 months. In contrast, retail wallets have shown consistent growth over the same period, indicating that smaller investors believe SOL remains undervalued despite institutional withdrawal.

The data also reveals a near-perfect correlation between Solana demand and memecoin activity on the network.

Investor Jas reported that Solana's active monthly traders dropped from roughly 30 million to under 1 million in 2025, representing a 97% decline in network activity. Network revenue fell fivefold year-over-year from $2.5 billion in 2024 to $500 million in 2025.