Solana Revenue Hits $1.5B in 2025, Surpassing Ethereum and Hyperliquid

Solana closed 2025 with a defining financial milestone that reshaped the blockchain revenue landscape. Over the past year, the network generated more than $1.5 billion in revenue, exceeding Ethereum and Hyperliquid combined. 

This outcome reinforced Solana’s scale-driven economic model at a time when fee pressure challenged rival networks. Besides revenue growth, the performance strengthened confidence in Solana’s long-term throughput strategy and market positioning heading into 2026.

Solana Revenue Surge Redefines Network Economics

Data from Blockworks Research showed Solana leading all blockchains in annual revenue during 2025. Hyperliquid followed with $780 million, while Ethereum posted $690 million for the same period. 

Consequently, Solana outperformed both networks despite maintaining some of the lowest transaction fees in the market. ​​Solana co-founder Anatoly Yakovenko celebrated the results on X, citing capacity expansion and cost efficiency. He emphasized that scale, not high fees, drove sustainable revenue growth. 

Significantly, Solana achieved this outcome while keeping median transaction fees below one cent. This structure allowed massive volume growth, which translated into higher aggregate revenue. Additionally, other blockchains trailing Solana included Tron, BNB Chain, Bitcoin, Base, Arbitrum, Optimism, and Avalanche.

Price Action and Market Position Entering 2026

Source: CoinCodex

Solana’s market price reflected modest stability alongside its recent revenue milestone. SOL traded at $123.89, showing limited movement over the past week with a 0.30% decline.

Despite muted price action, trading activity remained firm, with 24-hour volume at $6.46 billion, indicating sustained liquidity. With roughly 560 million SOL in circulation, Solana’s market capitalization stood near $69.74 billion.

However, December delivered choppy price action, leaving sentiment mixed. According to Onur, Solana enters 2026 at a technical crossroads where direction remains uncertain. Hence, traders now balance strong fundamentals against cautious short-term signals.

Technical Levels, ETFs, and Derivatives Signals

Historical data showed Solana often rebounded in January after weak December closes. In 2023, the token surged 140% following year-end selling pressure. Even in 2025, SOL recovered with a 22% January gain after a red December. 

Additionally, ETF flows offered support, as Solana-linked products avoided weekly net outflows since launch. Total inflows recently exceeded $755 million, indicating selective institutional interest. However, derivatives markets sent mixed signals. 

Futures positioning remained net short across several venues, including Hyperliquid. Consequently, analysts watched open interest closely for signs of conviction. 

Onur highlighted $129 as a pivotal resistance level. A sustained close above could open a move toward the mid-$160 range. Conversely, a drop below $116 could confirm a bearish EMA crossover and deepen corrective pressure.