Solana (SOL) DEX Volume Craters as Meme Coin Hype Loses Steam 📉

Solana's decentralized exchange (DEX) trading volumes have significantly decreased as the recent hype around Solana-based meme coins subsided. On-chain data indicates that DEX activity hit a 42-day low on Sunday. The broader Solana network also experienced a general decline in user activity and engagement over the past week. Solana's DEX volume plunged by 72% in just seven days, dropping to $897 million on Sunday. The decrease in trading volume is aligned with a 19% decline in daily active addresses on the network, highlighting reduced user interaction. The decline in user activity has also led to a 2% drop in Solana's fees and revenue. SOL's price trades at $146.31, having risen by 19% in the past week, but the Chaikin Money Flow (CMF) indicator suggests market indecision with no clear momentum. This market indecision places SOL at risk of a breakout in either direction. Increased demand could push the price up to $148.27, while increased selling pressure could drag it down to $133.64.