Solana’s SOL slides 32% since November as network fees, DApp revenue and activity decline

Solana’s SOL token has dropped 32% since November, while the wider altcoin market fell 21%, as network fees and DApp revenues declined alongside slowing onchain activity. Despite $636 million in U.S. Solana ETF assets, 20.35 million SOL on corporate balance sheets and roughly 68% of supply staked, growth has shifted to Base, Arbitrum, Polygon and BNB Chain, limiting SOL’s near-term upside. Analysts highlight that without a clear rebound in Solana’s usage metrics, the token may continue to lag competing ecosystems and the broader market.