Solana Price Plummets 50%, Driven by Billions Leaving the Network

The price of Solana (SOL) has experienced a significant drop, plummeting over 50% from $250 to $160 in just a matter of days. This drastic decline is fueled by a dramatic decrease in network activity. Transfer volume on the Solana blockchain has dropped more than 99%, from $1.99 billion in November 2024 to a mere $14.57 million recently. The market downturn has further sparked concerns about the network’s future, as investors withdraw funds and the platform struggles to attract new participants.