Solana's Price Drops 1.075% as Meme Coin Activity Declines, Stablecoin Trading Surges

Solana's latest price was $236.75, down 1.075% in the last 24 hours. Solana’s decentralized exchanges (DEXs) are experiencing a notable shift in trading activity. Meme coin speculation, which once dominated the market, has significantly waned. In late 2024 and early 2025, meme coins accounted for over 60% of all Solana DEX activity, driving trading volumes to unprecedented heights. However, this surge proved unsustainable due to scandals and market distrust, leading to a sharp decline in trading volumes. By September, meme coin activity had fallen below 30% of Solana DEX trading, its lowest share since February 2024. This downturn began in February, following controversies tied to token launches such as LIBRA. Earlier in January, projects like TRUMP and MELANIA had fueled speculative excitement, but frequent rug pulls and the collapse of LIBRA undermined retail confidence. The retreat in meme coin speculation coincided with a steep drop in active traders, with daily users on Solana DEXs peaking at 4.8 million in January but slipping below 800,000 by September. This exodus highlights how closely user engagement was tied to short-lived token frenzies.

Meanwhile, stablecoin trading has begun to take the place of this speculative activity. Blockworks data shows that swaps between SOL and stablecoins surged to nearly 58% of DEX volume, the highest level since November 2023. At the same time, direct stablecoin-to-stablecoin trades also gained traction, now making up about 4% of activity. This shift reflects traders’ growing preference for stability during uncertain market conditions. The surge in SOL-stablecoin pairs indicates that traders are focusing on less volatile and more predictable assets, which offer safer options amid the broader market’s fluctuations. Traders are closely monitoring volume indicators and structural levels to find optimal entry points. The $230-$240 zone is being watched as a potential buy-in area, with the $230 level acting as a strong support level. This zone has been identified as a critical point for potential price reversals or market movements. Fibonacci levels are also being tracked for potential liquidation zones, suggesting that Solana’s market may experience increased volatility in the near future. Traders are preparing to scale in at these critical levels, anticipating potential fluctuations as they aim to capitalize on market movements.

Solana’s ecosystem continues to evolve with significant developments on the horizon. The Alpenglow upgrade, designed to enhance throughput and efficiency while reinforcing proof-of-stake performance, is a long-term positive for network utility. Increased developer activity and on-chain use cases further back network fundamentals. Institutional accumulation tends to smooth volatility and extend rallies. Large holders like Forward Industries and DeFi Development are reported to control multi-billion-dollar SOL positions, which amplifies buy-side pressure when macro and regulatory signals align. Spot Solana ETF filing activity and high approval odds are drawing capital interest. Market consensus estimates for ETF approval probability exceed 90%, which could lead to sizable inflows from U.S. investors. When could institutional flows influence Solana price? Institutional accumulation tends to smooth volatility and extend rallies. Large holders like Forward Industries and DeFi Development are reported to control multi-billion-dollar SOL positions, which amplifies buy-side pressure when macro and regulatory signals align.

Solana’s decentralized exchanges (DEXs) are experiencing a significant shift in trading preferences. Traders are adjusting their strategies as the market moves away from meme tokens, which dominated much of the trading scene in late 2024. Blockworks Research reports that meme token trading has dropped from more than 60% of Solana’s DEX activity to under 30% currently. This change signals a transition to more stable trading pairs as traders move away from the volatility of meme tokens. At the same time, Solana’s SOL-stablecoin trading volume has surged, reaching its highest point since December 2023. This shift reflects traders’ growing preference for stability during uncertain market conditions. The surge in SOL-stablecoin pairs indicates that traders are shifting their focus to less volatile and more predictable assets, which offer safer options amid the broader market’s fluctuations. Traders are closely monitoring volume indicators and structural levels to find optimal entry points. The $230-$240 zone is being watched as a potential buy-in area, with the $230 level acting as a strong support level. This zone has been identified as a critical point for potential price reversals or market movements. Fibonacci levels are also being tracked for potential liquidation zones, suggesting that Solana’s market may experience increased volatility in the near future. Traders are preparing to scale in at these critical levels, anticipating potential fluctuations as they aim to capitalize on market movements.

Solana has solidified its position as a prominent choice within the digital asset ecosystem throughout September, driven by notable advancements in its fundamental infrastructure and adoption trajectory. A key catalyst for this heightened interest stems from significant ecosystem growth coupled with increasing institutional engagement. This institutional attention underscores a broader recognition of Solana's technological capabilities and potential long-term viability. Further enhancing its appeal, Solana's network consistently demonstrates exceptional performance, enabling remarkably fast transaction finality within approximately 400 milliseconds while maintaining very low average transaction fees, reported to be around $0.0025. This combination of speed and cost-efficiency remains a critical advantage. Complementing these technical strengths is a strategic push towards mobile accessibility. Efforts are being made to foster the development of mobile-first applications and improve user experiences within the Solana ecosystem, aiming to broaden its reach and usability for a wider audience of potential users.