What happened?
Solana is trading around $229.84 and is up about 1.5% in the last 24 hours, but on-chain activity has cooled noticeably. Blockworks data shows network REV hit weekly peaks above $200 million in late 2024 and has since settled closer to $40–$60 million by mid-2025. On the charts SOL is still in a rising channel with support near $218 and resistance near $253, so price action is balancing between technical strength and weaker network usage.
Who does this affect?
This matters most to SOL holders and short-term traders who depend on momentum driven by transaction volume. It also affects DeFi projects, developers, and builders on Solana whose activity helps generate fees and economic value. Institutional investors and broader altcoin market participants will watch REV and technicals for signals about sustainability and risk appetite.
Why does this matter?
Slowing REV means transaction-driven revenue is weaker, which can make price rallies less durable and reduce the economic case for speculative inflows. If SOL can hold support around $218 and break above $237, buyers could push toward $244–$253, but a failure below $218 risks a pullback to the $214–$204 range. Overall, weaker network growth could cool sentiment across altcoins and prompt capital to flow to chains showing stronger real activity, influencing market direction into Q4 2025.