Everyone keeps calling this SOL dip a buying opportunity, but the on-chain data is making me question that a bit.

DEX volume on Solana just dropped to around $55B, which is the lowest it’s been since late 2024, and fees fell right alongside it. That doesn’t really look like a quick dip, more like momentum slowing down.

What’s interesting is that the volume didn’t disappear, it seems to have shifted. Ethereum’s share of DEX activity has been climbing pretty fast over the past couple months, likely helped by all the L2 growth.

Feels like when a network starts losing fee revenue this quickly, it usually takes more than just price to turn things around.

So I’m curious — at what point would SOL actually look attractive again to you, and what signal would you want to see first?