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Solana’s native token, SOL, continues to lose value in recent months. Dropping from its historical peak of $295, SOL has fallen below $137. During this time, the total locked value (TVL) and network usage within the Solana 
$126 ecosystem have decreased by approximately 40%, reflecting a decline in investor confidence and a downturn in decentralized applications.
Severe Drop in SOL Token and TVL
According to CoinMarketCap data, SOL has lost 41% of its value over the past month. This decline has led to a reduction in interest in decentralized applications within the Solana ecosystem. Users are withdrawing their assets and turning to alternative blockchains.
Notably, major decentralized finance platforms like Raydium have experienced significant value loss. Assets exiting the ecosystem have shifted to other blockchains such as Ethereum 
$1,871, Sui, and Base. This situation has lowered the network’s market value, weakening Solana’s competitive edge. Over the last three months, more than a billion dollars in assets have exited the ecosystem.
Major Collapse in the Memecoin Market
Memecoin projects within the Solana ecosystem have also faced severe setbacks. Tokens traded on platforms like Pump.fun have plummeted by over 60%. The decline in user interest and a break in investor confidence have accelerated the downturn in the memecoin market.
Recent hacking incidents have exacerbated this decline. A security breach on Pump.fun has caused investors to become increasingly anxious. Such attacks have further diminished trust in the memecoin market.
User traffic within the ecosystem is also declining. The waning interest in decentralized finance applications has reduced liquidity. Combined with the drop in SOL token prices, these developments jeopardize Solana’s short-term growth prospects.
