22h ago
Solana Faces Slowing Interest After November 2024 $296 Peak As Retail Demand Dominates
Solana hit an all-time high of $296 in November 2024 but has since seen its market interest fade, with activity increasingly driven by smaller retail wallets. Over roughly 13 months, mid-sized and institutional wallets have been in decline while retail participation rises, raising concerns that SOL's value is now closely linked to memecoin activity on its network. In 2025, active monthly traders fell from about 30 million to under 1 million, revenue dropped from $2.5 billion to $500 million, and SOL lagged Ethereum, which generated $1.4 billion and outperformed SOL by 56% year-to-date.