<p>索拉纳的网络活动在 2025 年第四季度下降了 97%，SOL 的价格也随之崩溃。</p>
<p>从 2024 年底超过 3000 万活跃交易者的高峰，网络的吸引力在 2025 年降至不到 100 万的月度交易者。</p>
<p>一位分析师怀疑在活动低迷的情况下，索拉纳是否 “已经结束”。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-network-activity-Dune.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-network-activity-Dune.jpg"/></p>
<p>来源：Dune</p>
<p>尽管 2025 年底交易量的收缩是更广泛市场趋势的一部分，比特币价格下降超过 30%，但索拉纳的 [SOL] 情况则稍显复杂。</p>
<h2>索拉纳的迷因币：风险还是试验场？</h2>
<p>索拉纳和 Hyperliquid 在这一周期中是关键的成功故事。特别是 SOL，从 8 美元上涨到近 300 美元，较 2022 年周期低点增长超过 35 倍。</p>
<p>尽管链稳住并减少了网络故障，迷因币仍然是主要的收入驱动和流量来源。</p>
<p>在 2025 年的市场崩盘中，迷因币是首批受到冲击的资产。但索拉纳的支持者，如 Marty Party，总是将迷因币视为其他 “现实世界” 应用的 ‘测试’。</p>
<blockquote>
<p>“迷因币赌徒在成功的实时测试后离开，他们将被股权交易者和 5000 万稳定币用户取代——赶上。”</p>
</blockquote>
<p>即便如此，迷因币活动的短期风险变得明显。SOL 的价格从近 300 美元下降到年度 120 美元的支撑位——在迷因币低迷期间下降了 58%。</p>
<p>话虽如此，该链吸引了一些机构的兴趣，例如 Visa 用于稳定币结算。然而，如果网络活动的主导地位从赌博转移，网络的韧性可能会得到提升。</p>
<h2>索拉纳与以太坊</h2>
<p>或许，这可以缩小与以太坊的收入差距，以太坊在机构采用方面处于领先地位。截至 2025 年，以太坊的年收入超过 14 亿美元，而索拉纳的收入为 5022 万美元——相差 3 倍。</p>
<p>然而，在 2024 年，索拉纳的收入为 25 亿美元，这表明今年下降了 5 倍。Anatoly Yakovenko 称之为 “疯狂的一年”，并补充道，</p>
<blockquote>
<p>“这一年真是疯狂。开放的无许可协议是否能够真正增长并维持收入仍然是一个悬而未决的问题。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-vs-Ethereum-revenue.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-vs-Ethereum-revenue.jpg"/></p>
<p>来源：DeFi Dev</p>
<p>就投资者回报而言，SOL 今年的表现比 ETH 低了 56%，与去年相对 ETH 超过 24% 的收益形成鲜明对比。</p>
<p>事实上，Fundstrat 预测 SOL 的价格可能在 2026 年上半年跌至 50-75 美元区间。</p>
<p>然而，对于分析师 Ted Pillows 来说，SOL 有更高的机会上涨 15% 至 134-140 美元，理由是有 10 亿美元的杠杆空头流动性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-price.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-price.jpg"/></p>
<p>来源：CoinGlass</p>
<hr/>
<h2><strong>最终思考</strong></h2>
<ul>
<li><em>索拉纳的主要网络活动驱动因素，迷因币，已经下降超过 90%，并拖累了价格。</em></li>
<li><em>以太坊在年度收入上是索拉纳的三倍，与 2024 年的表现相反。</em></li>
</ul>

<p>Solana 的网络活动在 2025 年第四季度骤降 97%，导致 SOL 价格从近 300 美元跌至 120 美元。此次下降归因于更广泛的市场趋势和 memecoin 活动的减少。尽管机构投资者仍然感兴趣，Solana 的收入从 2024 年的 25 亿美元降至 2025 年的 5.02 亿美元，表现不及以太坊。分析师对 SOL 的未来看法不一，预测范围从进一步下跌到潜在的激增</p>

<p>Solana’s network activity has dropped by 97% in Q4 2025, and SOL’s price crash followed too.</p>
<div class="lb-trans"><p>索拉纳的网络活动在 2025 年第四季度下降了 97%，SOL 的价格也随之崩溃。</p>
</div><p>From a peak of over 30 million active traders in late 2024, the network’s traction has dropped to less than 1 million monthly traders in 2025.</p>
<div class="lb-trans"><p>从 2024 年底超过 3000 万活跃交易者的高峰，网络的吸引力在 2025 年降至不到 100 万的月度交易者。</p>
</div><p>One analyst wondered whether it was “over for Solana” amid muted activity.</p>
<div class="lb-trans"><p>一位分析师怀疑在活动低迷的情况下，索拉纳是否 “已经结束”。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-network-activity-Dune.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Solana-network-activity-Dune.jpg"/></p>
<p>Source: Dune</p>
<div class="lb-trans"><p>来源：Dune</p>
</div><p>Although the contraction in trading volumes in late 2025 was a broader market trend, with Bitcoin price falling by over 30%, Solana’s [SOL] case was a little more nuanced.</p>
<div class="lb-trans"><p>尽管 2025 年底交易量的收缩是更广泛市场趋势的一部分，比特币价格下降超过 30%，但索拉纳的 [SOL] 情况则稍显复杂。</p>
</div><h2>Solana memecoins: A risk or test bed?</h2>
<div class="lb-trans"><h2>索拉纳的迷因币：风险还是试验场？</h2>
</div><p>Solana and Hyperliquid have been key success stories this cycle. SOL, in particular, rallied from $8 to nearly $300, over 35x growth from 2022 cycle lows.</p>
<div class="lb-trans"><p>索拉纳和 Hyperliquid 在这一周期中是关键的成功故事。特别是 SOL，从 8 美元上涨到近 300 美元，较 2022 年周期低点增长超过 35 倍。</p>
</div><p>While the chain steadied and minimized network outages, memecoins remained a key revenue driver and traffic.</p>
<div class="lb-trans"><p>尽管链稳住并减少了网络故障，迷因币仍然是主要的收入驱动和流量来源。</p>
</div><p>During the 2025 market rout, memecoins were among the first to be hit. But Solana supporters, like Marty Party, always view memecoins as a ‘test’ for other ‘real-world’ applications.</p>
<div class="lb-trans"><p>在 2025 年的市场崩盘中，迷因币是首批受到冲击的资产。但索拉纳的支持者，如 Marty Party，总是将迷因币视为其他 “现实世界” 应用的 ‘测试’。</p>
</div><blockquote>
<p>“Memecoin gamblers left after a successful liveness test, they will be replaced by equity traders and 50m stablecoin users – catch up.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“迷因币赌徒在成功的实时测试后离开，他们将被股权交易者和 5000 万稳定币用户取代——赶上。”</p>
</blockquote>
</div><p>Even so, the near-term risk of memecoin activity became apparent. SOL’s price has declined from nearly $300 to the yearly $120 support — A 58% price decline during the memecoin lull.</p>
<div class="lb-trans"><p>即便如此，迷因币活动的短期风险变得明显。SOL 的价格从近 300 美元下降到年度 120 美元的支撑位——在迷因币低迷期间下降了 58%。</p>
</div><p>That being said, the chain has garnered some institutional interest, such as Visa for stablecoin settlements. However, the network resilience could be possible if network activity dominance shifts away from gambling.</p>
<div class="lb-trans"><p>话虽如此，该链吸引了一些机构的兴趣，例如 Visa 用于稳定币结算。然而，如果网络活动的主导地位从赌博转移，网络的韧性可能会得到提升。</p>
</div><h2>Solana vs. Ethereum</h2>
<div class="lb-trans"><h2>索拉纳与以太坊</h2>
</div><p>Perhaps, this could close the revenue gap with Ethereum, which leads in institutional adoption. So far, in 2025, Ethereum has made over $1.4 billion in annual revenue while Solana raked in $5022 million — A 3x difference.</p>
<div class="lb-trans"><p>或许，这可以缩小与以太坊的收入差距，以太坊在机构采用方面处于领先地位。截至 2025 年，以太坊的年收入超过 14 亿美元，而索拉纳的收入为 5022 万美元——相差 3 倍。</p>
</div><p>In 2024, however, Solana made $2.5 billion in revenue, suggesting a 5x decline this year. Anatoly Yakovenko called it a “crazy year,” adding that,</p>
<div class="lb-trans"><p>然而，在 2024 年，索拉纳的收入为 25 亿美元，这表明今年下降了 5 倍。Anatoly Yakovenko 称之为 “疯狂的一年”，并补充道，</p>
</div><blockquote>
<p>“It’s been a crazy year. Can open permissionless protocols actually grow and maintain revenues is still an open question.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“这一年真是疯狂。开放的无许可协议是否能够真正增长并维持收入仍然是一个悬而未决的问题。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-vs-Ethereum-revenue.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Solana-vs-Ethereum-revenue.jpg"/></p>
<p>Source: DeFi Dev</p>
<div class="lb-trans"><p>来源：DeFi Dev</p>
</div><p>In terms of investor returns, SOL has underperformed ETH by 56% this year, a stark contrast to the over 24% relative gains made against ETH last year.</p>
<div class="lb-trans"><p>就投资者回报而言，SOL 今年的表现比 ETH 低了 56%，与去年相对 ETH 超过 24% 的收益形成鲜明对比。</p>
</div><p>In fact, Fundstrat projected the SOL price could fall to $50-$75 range in H1 2026.</p>
<div class="lb-trans"><p>事实上，Fundstrat 预测 SOL 的价格可能在 2026 年上半年跌至 50-75 美元区间。</p>
</div><p>For analyst Ted Pillows, however, there was a higher chance of a 15% surge to $134-$140, citing a massive $1 billion upside liquidity of leveraged shorts.</p>
<div class="lb-trans"><p>然而，对于分析师 Ted Pillows 来说，SOL 有更高的机会上涨 15% 至 134-140 美元，理由是有 10 亿美元的杠杆空头流动性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-price.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Solana-price.jpg"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最终思考</strong></h2>
</div><ul>
<li><em>Solana’s key network activity driver, memecoins, has cratered by over 90% and dragged the price with it.</em></li>
<li><em>Ethereum outperformed Solana in annual revenue threefold, contrary to the 2024 performance.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>索拉纳的主要网络活动驱动因素，迷因币，已经下降超过 90%，并拖累了价格。</em></li>
<li><em>以太坊在年度收入上是索拉纳的三倍，与 2024 年的表现相反。</em></li>
</ul>
</div>

Solana 是否已经结束？97% 的网络活动崩溃引发了新的讨论