After nearly touching the $300 mark earlier this year, Solana has steadily bled lower and is now trading near $152, extending a multi-month downtrend.
The downturn isn’t limited to price. User activity on the network has deteriorated sharply, with Solana’s daily active addresses sliding to their lowest level in 12 months, according to data tracked by The Block.
The 7-day moving average has collapsed from around 9 million active wallets at the start of the year to just 3.3 million today — a dramatic contraction that underscores how much momentum has evaporated since last year’s memecoin mania.
During late 2024, Solana became the undisputed home of memecoins thanks to ultra-fast throughput and low fees. But as the speculative frenzy cooled in 2025, so did day-to-day network engagement.
Even with declining retail participation, development across the ecosystem remains surprisingly strong. Solana’s DeFi sector still commands roughly $10 billion in total value locked, powered by Jupiter, Kamino, and Jito.
Meanwhile, pump.fun — the memecoin issuance platform that became a cultural phenomenon — continues to dominate its niche. With over $1 million in daily revenue and nearly 90% share of token launches, it illustrates that certain corners of Solana remain extremely active despite overall network fatigue.
A review of the 4-hour chart shows Solana fighting to maintain support:
If SOL breaks below the $145–$148 support band, the chart opens risk toward $132, the next visible liquidity pocket. On the upside, bulls would need a recovery above $165 to signal any meaningful shift in trend.
Right now, Solana’s price action mirrors its network activity: weakening, but not collapsing — a slow, grinding drift downward rather than a sudden capitulation.
Solana is no stranger to volatility, but the current drop in user participation is a notable contrast to the explosive growth the chain enjoyed in late 2024.
However, infrastructure, DeFi protocols, and new dApps continue to expand, suggesting the ecosystem is still building even as speculative energy cools.
The question now is whether Solana can reignite meaningful user activity — or whether the current decline represents a pause before the next major cycle.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
The post Solana Slips Back Toward Mid-Range Levels as Network Activity Collapses appeared first on Coindoo.
