Solana experienced a dramatic run in January, surging to a $294 all-time high fueled by bullish sentiment and the explosive growth of meme coins. However, the broader ecosystem tells a different story. The SOL ecosystem market cap has contracted sharply, plummeting 47% year-to-date from $329.5B to $173B. Trading volume declined even more severely, dropping 90% to barely $11B. Meanwhile, Bitcoin's pullback from $126K to $85.5K reflects the broader market correction, highlighting heightened volatility across major digital assets as liquidity conditions shifted throughout the period.