Solana DEX activity drops 29% in a day as weekend trading

The quick take

Price: $SOL $101.70, +0.6% ↑ in 24 hours (CoinGecko, 3:40 p.m. ET).
Trigger: Solana DEX volume fell 29% in a day, led by a 58% drop at PumpSwap (DefiLlama).
Watch: Whether daily volume climbs back toward the past week’s average of $1.96 billion.

Solana DEX activity cooled sharply into Sunday. Trading on decentralized exchanges built on Solana ($SOL) reached $1.42 billion in DefiLlama’s latest 24-hour reading at 3:45 p.m. ET. That is down 29% from $2.00 billion in the 24 hours before.

The weekly total and the money parked in Solana DeFi moved far less. That gap is the story: a quiet trading day, not money leaving the chain.

What happened

DefiLlama adds up trading across Solana’s decentralized exchanges, or DEXs. Its latest 24-hour total was $1.42 billion, against $2.00 billion in the prior 24 hours. About $574 million less changed hands.

The seven-day view is calmer. Solana DEXs handled $13.69 billion over the last seven days, DefiLlama shows. That is 4.6% less than the $14.34 billion of the seven days before.

Deposits barely moved. Solana’s total value locked (TVL) stood at $5.77 billion at 3:41 p.m. ET, per DefiLlama. Its midnight UTC reading was $5.74 billion, down 2.6% from $5.90 billion a week earlier.

Why it moved

DefiLlama’s data does not say why trading slowed, so the cause is not confirmed. The drop came over a weekend, and it hit some venues much harder than others.

Venue	Latest 24h	Prior 24h	Change
PumpSwap	$112.7 million	$266.4 million	-58% ↓
Orca DEX	$123.6 million	$199.8 million	-38% ↓
Raydium (all pools)	$126.8 million	$151.2 million	-16% ↓

Source: DefiLlama, read at 3:45 p.m. ET. The two 24-hour windows are rolling, not calendar days.

PumpSwap, the exchange run by Pump.fun ($PUMP), lost the most. Pump.fun’s own launchpad added another $119.1 million, so the two together handled $231.8 million. That is about 16% of all Solana DEX volume in the latest reading.

Orca DEX ($ORCA) fell 38% on DefiLlama’s count. Orca’s own data API showed $119.8 million over 24 hours at 3:45 p.m. ET, close to DefiLlama’s figure. The two measure slightly different windows.

Raydium ($RAY) held up best of the three, down 16%. The busiest venue overall was BisonFi at $219.3 million, according to DefiLlama.

Fees followed trading lower but stayed meaningful. Pump.fun earned $1.15 million in revenue over 24 hours and $10.0 million over seven days, DefiLlama data shows.

Who’s buying and selling

In $SOL’s deepest pool, buyers and sellers stayed close to even. The SOL/USDC pool on Orca logged 23,865 buys and 22,858 sells in 24 hours, according to DexScreener. GeckoTerminal counted 23,753 buys and 22,835 sells in the same pool.

That pool held $28.9 million in liquidity and traded $44.8 million in 24 hours, DexScreener shows. Neither side took control.

$SOL itself barely moved. It traded at $101.70, up 0.6% in 24 hours, CoinGecko data showed at 3:40 p.m. ET. Jupiter’s price feed matched within 0.01%. Over 30 days, $SOL is down 16.6%, per CoinGecko.

The wider market was flat too. Bitcoin ($BTC) traded near $80,508, little changed in 24 hours, per LiveCoinWatch.

What to watch next

The weekday rebound: Over the past seven days, Solana DEXs averaged about $1.96 billion a day. A return toward that level would mark Sunday as a pause.
PumpSwap’s share: It fell the hardest. Its next readings show whether memecoin trading is slowing or just resting.
Deposits: TVL held near $5.77 billion. A slide there would say more than one quiet trading day.

Bottom line: Solana DEX volume fell 29% in a day, but the weekly total slipped only 4.6% and deposits held near $5.77 billion.

Price data: CoinGecko.