Solana's network has entered a period of reduced activity following its all-time high of $296 in November 2024. On-chain data indicates a shift in buying pressure towards retail wallets, as mid-sized and institutional wallets have decreased for 13 consecutive months. The number of monthly active traders has plummeted from 30 million to less than 1 million in 2025. The value of SOL has dropped nearly 58% from its peak, and network revenue has decreased fivefold to $500 million. Analysts suggest that Solana's future may depend more on developments beyond the current memecoin trend.