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Solana News Update: As Interest in Solana Memes Declines, DeFi Activity Surges Amid User Departures

Solana News Update: As Interest in Solana Memes Declines, DeFi Activity Surges Amid User Departures

Bitget-RWA2025/11/12 19:30
By:Bitget-RWA

- Solana's active addresses hit a 12-month low as memecoin-driven hype wanes, despite token price rebounding to $165. - DeFi resilience seen with $5.11B DEX volume in mid-November, outpacing Ethereum and BNB Chain. - Staking growth accelerated by 2.9M SOL increase and new U.S. Treasury rules enabling crypto ETF staking rewards. - Price faces $172 resistance; technical indicators show 62% pullback probability to $150 support zone. - Institutional adoption and real-world utility critical for Solana to sustai

On-chain statistics reveal that Solana's number of active addresses has dropped to its lowest point in a year, signaling that the recent surge of memecoin activity on the network is losing steam. This decrease comes after a phase of heightened speculation surrounding Solana-based tokens, which had previously fueled a spike in user engagement. Although decentralized exchange (DEX) volumes on

briefly exceeded $5 billion in late November, analysts observe that overall, retail enthusiasm appears to be subsiding .

The reduction in active addresses stands in contrast to Solana's recent price action, where the token managed to climb back above $165 after consolidating for five days. Nevertheless, technical analysis points to a possible short-term pullback as the asset nears significant resistance at the 20-day moving average. The Breakout Probability (Expo) indicator currently estimates a 29% likelihood of a bullish move toward $180, while there is a 62% chance of a retracement to the $150 support area, prompting caution among market participants, as highlighted by

.

Despite the broader downturn, Solana's DeFi sector has demonstrated strength. According to Defillama, Solana's DEXs achieved $5.11 billion in daily trading volume in mid-November, surpassing Ethereum's $3.8 billion and

Chain's $2.95 billion, as reported by . The uptick in DEX transactions points to a migration of capital into passive yield-generating strategies within Solana's ecosystem, as investors look to weather market downturns rather than convert to stablecoins. This pattern is further supported by recent staking figures, which recorded a 2.9 million increase in staked tokens between November 7 and 9, temporarily reducing the supply available on exchanges and potentially shielding the price from steep drops, according to .

New regulations from the U.S. Treasury now allow regulated crypto investment vehicles—including ETFs and trusts—to receive staking rewards, a change expected to further stimulate staking on Solana. This policy shift coincides with growing institutional interest in the network's infrastructure, with projects such as Biokript Pro and Superstate advancing tokenization efforts. For instance, Solana Company (HSDT) has revealed plans to tokenize its shares on Superstate's Opening Bell platform, enabling continuous trading and instant settlements, as reported by

.

Nonetheless, obstacles persist. Solana's price is currently facing strong resistance at $172, and failure to surpass this barrier could see the token fall back to $162 or even $155, analysts warn. The network's stablecoin sector, with $13.49 billion in assets, remains a major growth engine, with USD Coin (USDC) holding a 62.2% share, according to

. However, and continue to pose stiff competition in the stablecoin arena, and Solana's future success will depend more on practical utility than on market cap alone, as noted by .

With the

craze subsiding, Solana's ability to maintain user engagement will rely on attracting institutional players and broadening its DeFi landscape. At present, technical signals and regulatory changes point to a cautious stance, with investors watching for broader market catalysts to spark renewed momentum.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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