Solana’s decentralized application ecosystem is generating less revenue than at any point in the past 18 months, raising fresh concerns about the network’s near-term fundamentals and whether SOL could slide back toward the $80 level.
The decline marks a sharp reversal from the activity surge that defined Solana’s DApp ecosystem through much of 2025, when meme coin trading and DEX volume pushed protocol fees to cycle highs. That momentum has now unwound considerably, according to a Cointelegraph analysis of on-chain revenue data.
Solana DApp Revenue Drops to Its Lowest Point in 18 Months
Revenue generated by Solana-based decentralized applications has fallen to levels not seen since roughly September 2024, when the network was still in the early stages of its meme coin-driven resurgence. The metric tracks fees paid to protocols operating on Solana, a direct measure of how much economic activity the chain’s applications are processing.
The contraction has not been a single-month event. DApp revenue has trended lower over multiple months, suggesting a sustained cooldown rather than a temporary dip. This pattern stands in contrast to the explosive growth Solana recorded through late 2024 and into 2025, when speculative trading activity drove protocol fees sharply higher.
For context, the broader crypto market has also faced headwinds in recent weeks. Security incidents have accelerated across the industry, and macroeconomic uncertainty has weighed on risk assets, with the U.S. dollar weakening amid global inflation concerns.
Meme Coin Frenzy Fades: Which Protocols Are Feeling the Pressure
The revenue decline appears concentrated in the sectors that drove Solana’s peak activity: meme coin launches and decentralized exchange trading. Platforms like Raydium and Jupiter, which serve as primary trading venues on Solana, benefited enormously from the meme coin wave that began with Pump.fun’s token launchpad in 2024.
As meme coin speculation has cooled, DEX trading volumes on Solana have contracted. Fewer token launches mean fewer swaps, less liquidity provider activity, and lower fees flowing to protocols. The effect compounds across the ecosystem, since meme coin trading was not just one revenue source but the catalyst for broader on-chain engagement.
The question for Solana’s long-term outlook is whether revenue can stabilize around DeFi fundamentals, or whether the network’s fee generation was disproportionately dependent on speculative cycles. If the latter, the 18-month low may not yet represent a floor.
Regulatory developments add another layer of uncertainty. The SEC’s evolving stance on crypto securities could influence how DApp protocols operate and how tokens are classified, potentially affecting trading activity on Solana and other chains.
SOL at $80: Why That Level Matters and What Could Trigger a Retest
The $80 price level is significant for SOL because it served as a major support zone during previous corrections. It was last tested in late 2024 before Solana’s rally carried the token well above $100, and it roughly corresponds to the zone where institutional accumulation picked up during the prior cycle.
A retest of $80 from current levels would represent a substantial drawdown. Analysts have flagged the correlation between declining DApp revenue and SOL’s price trajectory, noting that on-chain activity metrics often lead price moves for layer-1 tokens.
The logic is straightforward: lower DApp revenue means less demand for SOL as gas, reduced staking yields relative to competing chains, and a weaker narrative for attracting new capital. When the fundamental usage story weakens, price tends to follow.
Several catalysts could accelerate a move toward $80. A broader risk-off shift in crypto markets, driven by macroeconomic tightening or a Bitcoin correction, would likely hit higher-beta assets like SOL harder. Additionally, if competing layer-1 networks capture DeFi activity that Solana is losing, the relative value case for SOL weakens further.
On the other side, Solana’s technical infrastructure remains among the fastest in crypto, and developer activity on the network has not contracted at the same rate as speculative trading. If new use cases beyond meme coins gain traction, or if a broader market recovery lifts sentiment, the $80 retest scenario becomes less likely.
The next few weeks of on-chain data will be telling. Traders monitoring Solana’s DApp revenue trend on platforms like DeFiLlama and Token Terminal will have a clearer picture of whether the decline is stabilizing or still accelerating, a distinction that could determine whether $80 stays a hypothetical or becomes a near-term target.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
