It's true that Solana unique addresses are going lower but according to this data (from DefiLlama):

- TVL is steadily increasing, traders are saving their money in staking/yield protocols, which is not necessary a good thing for DEX volume because it's money that's not entering the markets
- September started with a low DEX volume but it's increasing, my guess is Americans get paid the 1st and 15th that's why volume is lower those days and starts increasing gradually till next paycheck when it tends to dump
- The active addresses are steadily decreasing but not at the rapid rate I sow in a recently viral chart roaming in X

- "new money" (net inflow) is coming roughly at the same rate of March levels, this means there are not big changes in terms of interest for Solana from the "outside world" (normies and traders from other chains)

- Stablecoins holdings are still very high, most traders are waiting for lower SOL prices to invest again

Final thoughts

Given that this is a completely new type of bull market, without the same regulatory insecurities and other uncertainties that characterized previous cycles, I believe there are no immediate reasons to fear a bear market in the near future.

In my opinion, the only major catalysts that could shift the landscape are global uncertainties, such as wars and economic instability.

If we return to a more stable geopolitical environment and the U.S. administration maintains its current positive stance toward crypto, the market will likely skyrocket in ways we’ve never seen before.

Let me know your thoughts and if you believe I made some mistakes

- Wolf