Solana’s High Volume Hides User Exodus and Price Headwinds

The blockchain and decentralized finance (DeFi) ecosystem continues to evolve, with Solana emerging as a key player in transaction throughput and network fees. As of September 2025, Solana has maintained its position as one of the top-performing blockchains in terms of average daily transactions processed. According to recent analytics from on-chain data platforms, Solana averaged over 2.7 million transactions per day in the first half of the year, outpacing both Ethereum and Cardano. This performance has been supported by low transaction fees, with the average cost per transaction remaining below $0.01, a key draw for both retail and institutional users.

However, despite these metrics, recent data suggests that Solana's user base may be showing signs of weakening retention. A number of DeFi platforms and DApps built on the Solana network have reported a decline in active user addresses in the past three months, with some platforms seeing a drop of over 15% in monthly active users. While this does not directly correlate with network activity metrics such as transactions per second, it raises questions about the sustainability of user engagement beyond high-frequency trading and speculative activity.

Network fees, which have been a key revenue stream for validators and a barometer for demand, also show a nuanced trend. While total fees collected by Solana have increased year-to-date, reaching approximately $85 million in the first eight months of 2025, the average per-transaction fee has declined by nearly 30% compared to the same period in 2024. This decline may reflect broader market conditions, including lower volatility in crypto assets, as well as increased network efficiency that has reduced the need for users to pay higher fees for faster transaction processing.

Price projections for Solana's native token, SOL, remain mixed. Analysts from several crypto research firms have noted that while Solana's technical performance is strong, macroeconomic factors, including central bank policy and regulatory scrutiny, may exert downward pressure on short-term price appreciation. According to one recent report, Solana's token price is expected to face resistance in the $120–$130 range, with a potential pullback to $95–$100 if broader market sentiment deteriorates.

In summary, Solana's performance in transactions and fees remains a benchmark within the blockchain industry, but challenges in user retention and macroeconomic headwinds could affect its long-term growth trajectory. The network's ability to innovate in decentralized applications and expand beyond traditional DeFi use cases will likely determine its capacity to maintain both volume and value.