Solana, once touted as the top among rapidly-growing blockchain networks, is experiencing a sheer downturn in consumer activity. Thus, Solana’s DEX is witnessing a notable slump n the number of traders. As per the data from Dune Analytics, following hitting the peak of 30M per month, this number has been consistently dropping, now reaching extreme lows. As a result, by December, these traders are now reduced to just 1M.
Solana is dying
Over 30 million people were trading on solana each month between November last year and February this year
Now there is hardly above 1 million traders per month
Is it over for Solana? pic.twitter.com/51xztAaNAq
— Scribbler (@Defi_Scribbler) December 19, 2025
Solana Records Extreme Dip in Trader Activity after Notable Highs
In line with the exclusive market data, Solana’s decentralized exchange is showing a massive decline in the number of traders. This nosedive occurred following the top spot of 30M that took place every month between 2024’s November and 2025’s February. The respective collapse has triggered concerns among the community members.
Keeping this in view, some speculate on the competence of Solana’s infrastructure for the sustenance of long-term growth. Additionally, this abrupt drop parallels wider market volatility, highlighting the potential role of external pressures. Apart from that, this dying trader activity on the Solana DEX could also serve as a major contributor to the further price trajectory of its native $SOL token.
At the moment, $SOL is changing hands at $126.06. This accounts for a 1.27% Surge over 24 hours, while the market capitalization of $SOL sits at $70.88B after a 1.31% rise. However, $SOL’s 24-hour volume has dropped by 60.37%, hitting $2.37B. Additionally, the weekly and monthly performances of the token display 4.88% and 4.55% dips, respectively. Moreover, the decreasing number of traders could pave the way for a decline in the span of liquidity pools, developer activity, and transfer volume.
Diminishing Trader Activity Leads to Increased Downside Risk, Threatening Ecosystem Stability
According to Dune Analytics, amid the slump in the number of the Solana DEX-based traders could pose further downside risk to $SOL. Additionally, this trader exodus could also erode confidence in the network, raising questions over the maintenance of its relevance while demand is shrinking. Ultimately, the future of Solana now depends on whether the platform can reverse the ongoing trader activity slump.