Solana News Today:

Solana’s price trajectory remains under scrutiny amid mixed signals from on-chain metrics and broader market sentiment. Technical indicators suggest a potential short-term rally toward $215–$220 in September 2025, with some analysts forecasting a 15% upward move from current levels near $204 [1]. The positive momentum is supported by a bullish MACD crossover and an RSI above 50, both of which signal potential upward continuation. However, caution is advised, as a drop below the $195 support level could reverse the short-term trend [1].

Despite the price optimism, network activity on Solana has experienced a significant decline. Daily active addresses have dropped from approximately 6 million in May to just 1 million as of late August 2025 [4]. The decline is attributed to a combination of factors, including a rise in fraudulent activities linked to meme coins and growing skepticism among retail traders. Dune Analytics reports a 90% drop in the number of Solana DEX traders compared to a year ago [4]. Additionally, the number of daily DEX transactions has fallen from 45 million in June to below 30 million [3]. This divergence between price and network fundamentals raises concerns among analysts, with Santiment founder Maksim warning that such patterns often precede trend reversals [4].

The DeFi sector on Solana, while showing some resilience, has not been immune to the broader slump in activity. Although total value locked (TVL) rose 30.4% quarter-over-quarter to $8.6 billion in Q2 2025, application revenue—referred to as Solana’s “Chain GDP”—plummeted 44.2% to $576.4 million [2]. Key revenue-generating applications like PumpFun and Phantom wallet both saw significant declines. PumpFun, the largest contributor to Solana’s Q2 revenue, dropped 43.9% to $156.9 million, while Phantom wallet revenue fell 65.4% to $53.5 million [2]. Axiom was the sole outlier, posting a 641.3% increase to $126.6 million, but this was not enough to offset the overall downturn.

Even as DeFi TVL continues to climb—reaching over $11 billion by late August—trading volume on Solana’s DEXs has fallen 45.4% in Q2 to $2.5 billion [2]. Analysts attribute this to the fading influence of memecoin-driven trading activity, which had fueled record volumes in Q1. The rise of alternative blockchains and increased institutional interest have also shifted some of the focus away from retail trading, further contributing to the decline in daily active traders [3].

Despite these challenges, Solana continues to attract institutional attention and strategic investments. Several major asset managers, including Fidelity and Franklin Templeton, have updated their Solana ETF filings with the SEC, with a 90% approval probability expected [4]. Additionally, public companies have allocated significant capital to build strategic Solana reserves, reinforcing the token’s role as part of a broader diversification strategy. These developments may provide continued support for SOL’s price in the spot market, even as on-chain activity weakens.

Source:

[1] Solana Price Prediction: SOL Could Jump 15% In ... (https://crypto-economy.com/solana-price-prediction-sol-could-jump-15-in-september-but-this-new-altcoin-set-for-explosive-gains/)

[2] Solana faces 44% revenue dip in Q2 even as DeFi TVL soars ... (https://finance.yahoo.com/news/solana-faces-44-revenue-dip-100642486.html)

[3] Solana Traders Plummet by 80% Amid Rising Rug Pulls (https://forklog.com/en/solana-traders-plummet-by-80-amid-rising-rug-pulls/)

[4] Is SOL's Price-Network Divergence a Red Flag? (https://beincrypto.com/solana-faces-price-network-activity-divergence/)