I first blamed seasonality, algorithms and my niche, but the real cause was my own coverage.
A coverage problem. My content spoke to one exact phrase, not the topic around it.
I sorted by impressions, not clicks, to see what was not showing up at all.
The same two or three phrases, repeated over and over, with nothing wider.
My best pages triggered 100+ queries. My weakest triggered 12.
No. Widening my understanding of the same topic was the fix.
See exactly how I found and fixed this on my own site.