- The significant decline hinted at a cooling interest in Solana-based memecoins.
- SOL’s price might test the lower support levels around $145.90 if interest continues to decline.
The daily trading volume of decentralized exchanges on Solana [SOL] has fallen. As of the 26th of May, AMBCrypto’s analysis of Artemis’ dashboard showed that the volume was $984 million.
Three days before that, the figure was over $1.5 billion. This decline was in contrast to the blockchain’s record in April. At that time, Solana’s DEX volume hit a record high of $60 billion, summed up every month.
Considering the recent fall and May nearing its end, it is possible that the total volume for the month could be less. The previous surge could be linked to the memecoin frenzy on the network.
No memecoins, no party
Therefore, the decline could mean that interaction with memecoins launched on Solana was no longer as high as it was. Besides that, the…
