Solana Network Activity Plummets 97% as Institutional Money Exits

Solana's network activity has plummeted by nearly 98% since its November 2024 peak, according to on-chain data. The cryptocurrency reached an all-time high of $296 in November 2024 but has since fallen by almost 58%. This decline is largely attributed to institutional wallets exiting the market, with major players planning their exits before the drawdown.

Research suggests that buying pressure has been dominated by retail-sized wallets making purchases between $0 and $1,000 since Solana's November peak. Mid-sized wallets handling $0 to $100,000 and institutional-sized wallets managing $100,000 to $10 million have been in steady decline for approximately 13 months.

On-chain data also reveals a 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.