Solana Suffers 97% Collapse of Network Activity Amid Institutional Exit
Solana's network activity has plummeted by 97% from its November 2024 peak, with institutional investors largely exiting the market while retail traders continue to buy into the cryptocurrency.
According to on-chain data, Solana reached an all-time high of $296 in November 2024 but has since fallen nearly 58% as mid-sized and institutional wallets handling $0 to $10 million have been in steady decline for approximately 13 months.
Retail wallets, however, have shown consistent growth over the same period, suggesting smaller investors believe SOL remains undervalued despite institutional withdrawal.
The correlation between Solana demand and memecoin activity on the network is near-perfect, with investor Jas reporting that 'SOL's future may depend less on memes and more on what follows them.'