Solana's Institutional Exodus Causes 97% Collapse in Network Activity

Solana's network activity has plummeted by an astonishing 97% since its November 2024 peak, marking a significant decline in institutional investment. Despite this downturn, retail investors remain optimistic about the cryptocurrency's prospects.

The Solana price reached an all-time high of $296 in November 2024 but has since fallen nearly 58%. On-chain data reveals a stark divergence between wallet sizes and trading behavior, with mid-sized wallets handling $0 to $100,000 and institutional-sized wallets managing $100,000 to $10 million experiencing a steady decline for approximately 13 months.

Investor Jas reported that Solana's active monthly traders dropped from roughly 30 million to under 1 million in 2025. This dramatic decrease in network activity has led to a fivefold year-over-year drop in revenue, falling from $2.5 billion in 2024 to $500 million in 2025.