Solana Fees Plummet 78%, Network Activity Hits Two-Year Low

Solana's network activity has dropped to its lowest level since late 2023, according to a recent DeFi Report. The report notes that Solana's total fees for Q2 2026 were $51M, a 78% drop from the same period last year and the lowest since Q4 2024.

This decline in fees is directly tied to decreased network activity, as fees track the value paid by users transacting on the chain. The broader crypto market downturn since October has also contributed to this decrease.

Despite a projected recovery in new narratives and capital inflows, SOL token capital inflows have dropped to a two-year low. According to Glassnode, Solana's Realized Cap has decreased from $97B last year to $73B in 2026, with SOL experiencing $24B in capital outflows over the past few months.

SOL recently broke below its range after a broader market risk-off triggered by Strategy's BTC sale. However, bulls could defend the $75 support level and aim for the mid-range target at $88 or the upside target at $92 (200-day Moving Average).