The network health report for the second quarter of 2025 published by the Solana Foundation reveals record growth in application revenues, validator earnings, and decentralization metrics. However, this strong fundamental performance sharply contrasts with the recent price movement of the native SOL token, which has fallen by more than 20% over the past thirty days.
This contrast between the health of the underlying network and the performance of the token in the market presents a complex picture for investors.
The report shows record growth in revenue and validators
According to the network health report for the second quarter of 2025 published by #سولانا , the blockchain technology achieved two consecutive quarters of application revenues exceeding one billion dollars, further enhancing its lead over competitors like Ethereum, Avalanche, and $BNB .
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While a large part of the market has stagnated, Solana stands out as a thriving ecosystem supported by actual usage, a growing validator economy, and unparalleled developer attraction.
According to CoinMarketCap data, the digital asset is trading at $140.52, down more than 20% over the past thirty days. The price of $SOL has also decreased by 3% over the past twenty-four hours, currently trading below key levels of the 20 and 50-day exponential moving averages.
Significant revenue increase and validator growth
In the second quarter of 2025, #Solana outperformed all major Layer 1 companies by a wide margin. This was not only due to a quarter-over-quarter increase in application revenue but also exceeded the total revenue of all other blockchain networks. This activity directly benefits the validators, who collectively earned $800 million during the last quarter.
On January 19 alone, validators earned $56.9 million, a daily record for the network. The efficiency cost for validators has also significantly improved: while validators in 2022 needed to stake 50,000 $SOL to break even, they now only need 16,000 SOL, reflecting increased revenues and reduced operational expenses.
Decentralization and developer metrics outperform competitors
Solana's Nakamoto coefficient, a key measure of decentralization, has risen to 20, surpassing Ethereum's score of 6. The rise in the coefficient indicates greater resistance to collusion and censorship, signaling strong decentralization.
Geographically, Solana validators are notably distributed. Germany leads with a share of 23.55% of the total stake, followed by the United States (17.37%) and the Netherlands (14.36%), with no single country or data center controlling more than a third of the network.
In 2024 alone, Solana welcomed 7,625 developers, a number that surpasses any other blockchain platform. This bodes well for future application growth and innovation.
Solana price analysis: Technical caution in the medium term
While the fundamentals are experiencing a significant rise, the weekly chart of Solana presents a more cautious picture. After failing to maintain the Fibonacci level of 0.236 at $155.58, the price declined to around $140.46, losing more than 8% this week.
Relevant: Pump.fun's plans to raise one billion dollars through token sales have been postponed again, now scheduled for mid-July.
Key levels to watch include $155.58 (0.236 Fibonacci) and $183.69 (0.382 Fibonacci), which is the next major upside target if #SOL regains $155.
Relevant: An analysis of the decentralized Soniom application shows a decline in user numbers despite sustained transaction volume.
On the other hand, the Moving Average Convergence Divergence (MACD) has broken a downward trend with waning momentum, while the Relative Strength Index (RSI) has settled at 44.27, entering a neutral to weak zone, indicating more room for decline before a rebound from oversold conditions.