Solana DApp revenue has collapsed to its lowest level in 18 months, with on-chain data showing a sharp contraction in network activity that puts SOL price at risk of retesting the $80 support zone.
Solana DApp revenue has collapsed to its lowest level in 18 months, with on-chain data showing a sharp contraction in network activity that puts SOL price at risk of retesting the $80 support zone.
Solana’s decentralized application ecosystem is generating its lowest revenue in 18 months, a sharp reversal from the network’s peak activity during the memecoin trading frenzy of late 2024 and early 2025. The sustained decline in DApp revenue has put downward pressure on the price of SOL, with analysts warning the token could retest the $80 support level if on-chain activity fails to recover.
Revenue generated by decentralized applications on Solana has fallen to an 18-month low, according to a CoinTelegraph analysis. The decline marks a dramatic pullback from the peaks seen during the memecoin trading boom that dominated Solana’s ecosystem through late 2024 and into early 2025.
The drop has been broad-based, hitting key revenue-generating categories across the network. Decentralized exchanges, launchpad platforms, and trading-related DApps, which were the primary beneficiaries of Solana’s memecoin surge, have all seen sharp contractions in fee generation.
Protocols like Jupiter, Raydium, and pump.fun drove record activity on Solana when memecoin trading volumes peaked. As speculative interest has cooled, the revenue generated by these platforms has contracted in tandem, pulling total ecosystem revenue down to levels not seen since roughly September 2024.
The revenue decline mirrors a broader pattern of shrinking network fees on Solana. With fewer transactions competing for block space, fee revenue at the network level has also fallen, reducing the overall economic throughput that underpins SOL’s valuation.
The sustained drop in DApp revenue has coincided with persistent weakness in SOL’s price. The token has been trending lower alongside declining on-chain metrics, and analysts have identified $80 as the next major support level that could be tested if selling pressure continues.
SOL last traded near the $80 level in late 2023, before the memecoin-driven rally carried it to significantly higher prices. A return to that zone would represent a steep decline from the token’s more recent trading range and would likely trigger further liquidations in leveraged positions.
The correlation between DApp revenue and token price is not coincidental. Revenue generated by on-chain applications reflects real economic activity on the network. When that activity contracts, it reduces demand for SOL, which is required to pay transaction fees, and weakens the fundamental case for holding the token. This dynamic echoes broader market trends, where U.S. crypto ETFs recently lost $219 million in a single day as institutional flows also turned negative.
Between the current price and $80, several interim support levels exist, but a break below each would accelerate the downside. Trading volume data suggests that selling pressure has not yet reached capitulation levels, meaning further downside remains possible before a meaningful bounce.
The primary driver behind Solana’s revenue spike was the memecoin trading frenzy, centered around platforms like pump.fun that made it trivially easy to launch and trade new tokens. At the peak, Solana was processing millions of daily transactions driven almost entirely by speculative memecoin activity.
That wave has now receded. Memecoin trading volume on Solana has fallen sharply from its highs, and the number of new token launches has slowed. Without the speculative demand that was generating outsized fees, DApp revenue has returned to levels more consistent with Solana’s organic usage baseline.
The decline is not evenly distributed across all DApp categories. DEX-related protocols and launchpads have been hit hardest, while lending and staking-related applications have shown more resilience. This concentration suggests the revenue collapse is primarily a function of fading speculative activity rather than a structural problem with Solana’s technology or developer ecosystem.
Notably, even as revenue has declined, Solana’s stablecoin supply recently hit an all-time high, suggesting that capital has not entirely left the ecosystem but has shifted from speculative trading into more stable positions. Whether that parked capital eventually rotates back into active DApp usage will be a key indicator of recovery potential.
Compared to other Layer 1 and Layer 2 networks, Solana is not alone in experiencing a post-speculation cooldown. Ethereum and Base have also seen declining activity metrics in recent weeks, though Solana’s decline is more pronounced due to its heavier concentration of memecoin-related revenue during the peak period.
PANews analysis has highlighted the broader contraction in Solana network metrics, framing it as part of a cyclical normalization following an unsustainable speculative spike.
For SOL holders, the metric to watch is whether DApp revenue stabilizes at current levels or continues to deteriorate. A sustained period of flat or recovering revenue would suggest the worst of the decline is priced in. Continued drops, particularly if accompanied by falling developer activity or protocol departures, would strengthen the case for a retest of the $80 level. Meanwhile, BTC whales have been positioning with large long bets, signaling that some market participants see the broader downturn as a buying opportunity rather than the start of a deeper correction.
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.
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