Solana’s price was up 86% in 2024 and down 34% in 2025.
Most of the pullback happened in q4 of 2025 which was around 40%.
At the end of Q3 2025, Solana price was about $208, still up compared with 2024 year end of $189.
Two most important drivers for Solana network and price are meme coins and stable coins.
For meme coin, it seems the frenzy has cooled down in 2025, using these indexes as reference: CoinDesk Meme Index or MarketVector Meme Coin Index.
On the stable coin side, adoption (stable coin on solana) has more than doubled from $5bn at end of 2024 to $13bn in Sep 2025 according to this, but no meaningful increase in 4q2025.