#数字资产市场洞察 Solana ecosystem turbulence: network activity plummets rapidly

In recent months, Solana has indeed had a tough time. Network activity has plummeted by 97%, with trading volume dropping from an average of 30 million per month to less than 1 million — a figure that is alarming enough. The price trend is equally bleak, falling from $300 all the way down to $120, a decrease of 58%.

But the story is not that simple. The meme coin wave was once the highlight of Solana, attracting a large influx of traders in a short period due to these community-driven projects. But everyone knows this is a double-edged sword—the hype comes quickly, and it goes just as fast. What can truly support a long-term ecosystem still relies on institutional-grade applications. Recently, Visa has taken notice of Solana's stablecoin settlement capabilities, and this strategic partnership sends a signal: big players are still betting on Solana's future.

Benchmarking against Ethereum's data can provide clearer insights. Solana's on-chain revenue this year is only $502 million, while Ethereum has garnered $1.4 billion, highlighting a significant gap between the two. In terms of relative returns, SOL lags behind ETH by 56%. Fundstrat analysts predict a potential low point of $50–75 in the first half of 2026, but there are also optimistic voices forecasting a rebound to the $134–140 range.

So is Solana really cooling down or accumulating at the bottom? The short-term downturn is undeniable, but the window for ecological resilience and institutional support is still open. Who can take over the growth baton after the meme coin craze in the next round will be the decisive factor.