Solana's Network Activity Plummets 97% as Institutional Investors Flee

Solana's network activity has plummeted by 97% from its peak in November 2024, as institutional investors have largely exited the market. Despite this decline, retail-sized wallets have continued to buy SOL, with purchases dominated by those making transactions between $0 and $1,000.

This divergence in trading behavior is not a new development, however. Institutional exits began well before the cryptocurrency's all-time high of $296 in November 2024, with selling volume accelerating months prior to October 10, 2024.

On-chain data reveals that mid-sized wallets handling $0 to $100,000 and institutional-sized wallets managing $100,000 to $10 million have been steadily declining for approximately 13 months. Meanwhile, retail wallets have shown consistent growth over the same period, suggesting smaller investors still believe SOL is undervalued.

The decline in Solana's network activity has had a significant impact on revenue, with it falling fivefold year-over-year from $2.5 billion in 2024 to $500 million in 2025. In comparison, Ethereum generated $1.4 billion in revenue this year, outperforming Solana by 56% year-to-date.