Solana (SOL) revenue hits six-month low as user activity declines

Solana's (CRYPTO:SOL) network revenue has dropped sharply in the last 30 days, reaching its lowest level in six months.

The decrease in user activity on the Layer-1 blockchain has significantly impacted its revenue.

Since August 1, Solana's daily revenue has fallen by 46%, largely due to a decrease in on-chain transactions and demand for Solana-based assets.

This decline marks the lowest point for the network since March 5, 2024.

Based on data from Artemis, daily transactions on the Solana network totaled 29 million over the past 30 days, a 22% reduction.

This reduction in transaction count resulted in a 45% decrease in transaction fees, amounting to $523,000.

Alongside the reduced transaction volume, SOL’s value has also decreased by 11%, with its price standing at $133.68 at the time of reporting.

The decrease in Solana’s user activity has also been reflected in its decentralized exchange (DEX) volume, which has dropped to a six-month low of $7.7 billion, according to Dune Analytics.

Additionally, Solana's non-fungible token (NFT) sales volume has seen a decline, totaling $79 million in August, which represents a 24% decrease in monthly sales as reported by CryptoSlam.

The SOL/BTC trading pair has been declining since July 31, indicating that Solana's value is falling faster compared to Bitcoin (CRYPTO:BTC).

The current exchange rate between SOL and BTC stands at 0.002, meaning SOL holdings are becoming less valuable in terms of BTC.

If this trend persists, Solana could revisit its August 5 low of $110, marking a potential 17% drop from its current value.

However, if the market trend shifts and Solana begins to recover, its price could rise to $148.27.

This potential rebound would depend on a reversal in user activity and renewed interest in Solana-based projects.

At the time of writing, the Solana (SOL) price was $129.54.