Solana DEX Traders Plunge 90%, Golden Cross Signals SOL Rally
Solana’s decentralized exchange (DEX) activity has collapsed, with active traders dropping 90% over the past 12 months—from over 8 million in October 2024 to below 1 million by September 2025. This decline coincided with a crash in SOL prices from a $300 peak to around $100 in April 2025. Despite weakening on‐chain demand, SOL has steadied above $200 amid broader crypto market recovery. Technical charts show a bullish golden cross in the SOL/BTC pair, where the 50-period moving average has crossed above the 200-period moving average—a pattern that preceded 1,000%+ SOL rallies in 2021 and 2023. Renewed inflows from institutional holders like Sol Strategies and DeFi Development Corp, plus potential meme coin resurgences, could drive SOL further. Traders should watch key support at $185 and a break above $220 for confirmation of a rally toward $300.
Bullish
The 90% slump in Solana DEX traders highlights waning retail interest, but the formation of a golden cross in the SOL/BTC chart suggests technical momentum is shifting in SOL’s favor. Historically, similar crosses preceded explosive gains in 2021 and 2023, demonstrating strong potential for a renewed upward trend. Additionally, institutional accumulation by entities like Sol Strategies and torrent capital stakers adds a fundamental underpinning that could support price floors and fuel a breakout above key resistance levels. In the short term, a close above $220 may trigger a buy‐the‐dip wave toward $300, while long‐term prospects hinge on renewed meme coin launches and broader on-chain activity recovery. Collectively, these factors point to a bullish outlook for SOL.