Solana entered the weekend with slower momentum as activity across its memecoin markets dropped to levels not seen in nearly two years. Analysts noted that trading flows linked to speculative tokens now make up less than 5% of Solana’s daily DEX volume.
The shift points to changing trader behavior at a moment when Solana continues to outperform other blockchains in overall decentralized exchange activity. Hence, the market is watching for the next growth catalyst as the broader environment turns more selective.
Memecoin Volume Slips While Solana Retains DEX Dominance
Data from Umair Crypto shows a sharp decline in speculative trading across Solana’s memecoin ecosystem. Activity surged during previous cycles, but traders now rotate toward higher-liquidity assets. Consequently, memecoin participation sits at its lowest share since 2023.
Source: X
Despite that downturn, Solana still leads all L1 and L2 networks in daily DEX volume. Market participants continue using Solana for high-velocity trading, where low fees and strong execution remain key advantages. Additionally, Solana’s earlier memecoin wave helped build a large user base, which sustains volume even as speculative traffic cools.
Hayes Predicts a Narrower Field of Winning Blockchains
Speaking in an interview with Altcoin Daily, Arthur Hayes believes most layer-one networks will struggle to stay relevant. He expects long-term value to concentrate around Ethereum and Solana because both ecosystems support expanding financial activity. He also sees Ethereum driving institutional adoption as L2 networks handle scaling and privacy demands.
Hayes views Solana as the strongest public chain after Ethereum, although he notes a slowdown in speculative flows. He argues that Solana now needs a new driver to maintain growth. Market participants share similar expectations because early hype often fades before new infrastructure or applications appear.
Analysts Monitor Solana Price Stability Near Key Liquidity Zones
Solana trades at $137.43 after a 24-hour decline of nearly 4%. Despite the drop, the token still posts a weekly gain above 9%. Market depth shows thicker liquidity near $137–$138, where buyers continue to step in.
Ace of Trades notes that Solana transitioned from a controlled downtrend into a tight consolidation zone. He sees heavy liquidity below the current range, with accumulation signals slowly forming.
However, resistance near $141–$142 remains untested. Resting sell orders cluster around that zone and create a ceiling for short-term moves. Hence, traders wait for a clean break above the level to confirm stronger momentum. Until then, price action stays contained within a narrow band that reflects cautious sentiment across the market.