Solana Crypto DEX Traders Plummet 90%: What Makes SOL Poised for a Surge Against BTC?

Solana cryptocurrency stands out as one of the most monitored digital assets. In 2024, it proudly featured as one of the leading gainers within the top 10 most valuable cryptocurrencies. This upswing was largely fueled by the meme token excitement that impacted the entire market, bringing tokens such as PNUT and WIF into the spotlight. In early 2025, Solana crypto gained significant attention in January, just days ahead of President Donald Trump’s inauguration for his second term.

Since that time, the interest in Solana crypto has diminished, coinciding with a notable decline in meme crypto token engagement. Various metrics help track this development, and one straightforward yet effective method to assess interest is by analyzing meme token launchpad activities, particularly through Bull run.fun. On this widely used launchpad, current revenues are insignificantly lower compared to what was witnessed in January 2025 or the previous year.

(Source: Bull run.fun Revenue, DefiLlama)

Decreasing network activity frequently influences token demand directly. In this scenario, SOL cryptocurrency could face additional pressure, particularly if meme coin engagement does not pick up again or if some of the top cryptocurrencies to invest in, such as Bitcoin and Ethereum, struggle to overcome key barrier level levels.

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Solana Crypto DEX Trader Count Plummets 90% Over 12 Months: What Is Happening?

Since the performance of SOL ▼-0.17% depends on various factors, especially on-chain activity, it is logical to monitor the count of meme coins being launched and the level of crypto holder activity in exchanging these tokens.

Dune data indicates that daily traders on Solana, engaging with decentralized exchanges like Raydium and PumpSwap, are experiencing a swift decline. This year, the number of active traders has decreased from over 8 million in October 2024 to under 1 million by early September 2025.

(Source: Solana DEX Traders, Dune)

Within this timeframe, SOL USD values peaked around $300 before plummeting to as low as $100 in April 2025. The SOL price has since rebounded, corresponding with the bullish trend observed from late 2023 and most of 2024.

The diminishing number of Solana DEX traders signals potential discontent, which aligns with the fluctuations in volatile meme coins. For instance, TRUMP crypto prices skyrocketed to $75 before falling to $6. Nearly all other meme coins, including the top Solana meme coins, have seen significant price swings, giving up gains from the prior year and reaching multi-month lows.

As Solana crypto DEX traders depart amidst escalating trading market volatility, the future trajectory of SOL USD remains uncertain. Historically, rising on-chain activity has coincided with increasing SOL USD prices, driven by retail participation linked to mainnet activity.

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A Case for SOL USD Bulls: Formation of Golden Cross Versus Bitcoin

In spite of the negative outlook, Solana stays resilient, trading above $200 at the time of writing. Technically, bulls need to prevent sellers from driving prices below $185. A closing above $220 could trigger a rally towards $300, indicating a buy-trend continuation pattern.

While SOL crypto remains robust against the USD, an analyst expresses optimism regarding its capacity to outperform BTC.

In a post on X, the analyst highlighted a golden cross formation, which typically precedes significant price movements. In 2021 and 2023, a golden cross appeared on the SOL/BTC chart; weeks later, the value of SOL crypto increased by over 1,000%.

(Source: @0xc06 via X)

A golden cross happens when the 50-period moving average crosses above the 200-period moving average. Chart analysts regard it as a uptrend indicator, guiding traders to look for buying opportunities during dips.

Nonetheless, this bullish indication does not ensure a rally. A significant surge will likely necessitate supportive fundamentals, such as public companies amassing SOL and integrating it into their balance sheets.

Sol Strategies, Torrent Capital, Decentralized finance Development Corp, and Upexi collectively own millions of SOL crypto tokens, with the majority locking tokens them for passive income.

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