Solana's network activity experienced a dramatic 97% decline in the fourth quarter of 2025, with the number of monthly traders falling from over 30 million in late 2024 to less than 1 million. This significant drop in activity coincided with a 58% decrease in the price of SOL, which fell from $300 to $120. The decline in network activity was further exacerbated by a loss of momentum in memecoins, which had been a major driver of traffic on the Solana network. Additionally, Ethereum surpassed Solana in annual revenue for 2025, reversing Solana's previous 5x lead in 2024.