Solana (SOL), a blockchain known for its high-speed transactions and low fees, faced a significant blow in March 2025 with an 80% drop in monthly revenue. Key usage metrics also fell sharply, signalling a slowdown in ecosystem activity—even as the SOL price held relatively steady.

DApp Activity Plummets

The sharp decline in revenue is largely tied to a fall in user activity across major Solana-based decentralised applications (DApps).

• Active addresses dropped by 21%
• Transactions fell by 82%
• Total fees collected declined by 81%

Among the top contributors to revenue, Raydium led with 36.07%, followed by Fluxbeam (28.52%), Solana itself (26.96%), Jupiter (4.3%), and Pump.fun (4.15%).

Pump.fun, a memecoin launch platform, stood out for its volatility. After generating $74 million in February, its revenue plunged 95% in March, reflecting the unstable nature of Solana’s meme-token-powered ecosystem.

SOL Price Holds Firm

Despite these usage declines, SOL’s market performance remained surprisingly resilient. In March, the price ranged from $113.19 to $178.63, and as of March 27, it traded at $139.36, marking a modest 2.56% monthly dip.

Solana also continues to lead in crypto inflows, alongside XRP, suggesting that investor sentiment remains cautiously optimistic even in the face of reduced network activity.

What Lies Ahead?

While Solana’s technical strengths and market support provide a buffer, the revenue drop underscores the ecosystem’s reliance on short-term trends and speculative DApps. Sustained growth may require greater stability and broader utility beyond memecoins and high-volume trading platforms.

For now, Solana’s performance is a tale of two extremes: plummeting usage, yet price stability—a rare combination in crypto that may not hold if on-chain activity doesn’t recover soon.