Solana's total value locked (TVL) has decreased by 34% from its September peak of $13.22 billion, now standing at $8.67 billion as of December 17, 2025. This decline is accompanied by a 23% drop in network fees, which fell to $3.43 million month-on-month. Analysts attribute these changes to capital rotation and evolving market sentiment. The blockchain's market capitalization is also under pressure due to heightened competition from other networks. These developments highlight the challenges Solana faces in maintaining its position in the rapidly evolving cryptocurrency landscape.