Solana crypto is one of the most closely watched crypto assets. In 2024, it was among the top gainers in the top 10 most valuable cryptos. This surge was primarily due to the meme coin mania that swept across the board, lifting tokens like PNUT and WIF into the limelight. In 2025, Solana crypto was only at the center of attention in January, days before President Donald Trump was sworn in for his second term.
Since then, Solana crypto has faded, coinciding with a sharp contraction in meme coin activity. Several metrics track this trend, and one of the simplest and most accurate ways to gauge interest is by examining meme coin launchpad activities, especially via Pump.fun. On this popular launchpad, current revenue pales compared to what was observed in January 2025 or late last year.
(Source: Pump.fun Revenue, DefiLlama)
Falling network activity often directly impacts token demand. In this case, SOL crypto could come under renewed pressure, especially if meme coin activity fails to resume or if some of the best cryptos to buy, like Bitcoin and Ethereum, fail to clear immediate resistance levels.
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Since how performs is reliant on multiple factors, particularly on-chain activity, it makes sense to track the number of meme coins launched and how active traders are in swapping these tokens.
According to Dune data, daily traders on Solana, interacting with decentralized exchanges like Raydium and PumpSwap, are declining rapidly. This year, the number of active traders fell from over 8 million in October 2024 to below 1 million by early September 2025.
(Source: Solana DEX Traders, Dune)
During this period, SOL USD prices peaked at around $300 before crashing to as low as $100 in April 2025. The SOL price has since recovered, aligning with the bull run from late 2023 and much of 2024.
The declining number of Solana DEX traders points to possible disillusionment, coinciding with volatile meme coins. For example, TRUMP crypto prices surged to $75 before crashing to $6. Almost all other meme coins, including the best Solana meme coins, have been volatile, relinquishing last year’s gains and hitting multi-month lows.
As Solana crypto DEX traders exit amid heightened market volatility, it remains to be seen what will happen to SOL USD. Historically, rising on-chain activity has coincided with surging SOL USD prices, driven by retail activity linked to mainnet activity.
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Despite the bearish outlook, Solana remains firm, trading above $200 at press time. Technically, bulls must prevent sellers from pushing prices below $185. A close above $220 could spark a rally toward $300 in a buy-trend continuation pattern.
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