Crypto
The Solana DEX Trade Moved On: Meteora +36%, Raydium at a One-Year High, Orca −11%
A day after Orca's three-day 77% run, the buying shifted to other Solana exchange tokens. Meteora's MET rose 35.8% and Raydium's RAY closed at its highest since October 9, 2025, while ORCA fell 10.6%.
For three days, Orca was the Solana exchange token everyone was watching. On Wednesday, October 7, the spotlight moved to its neighbours.
Raydium went first. RAY was quiet through the Asian session, dipping to $2.11 in the 02:00 UTC hour, then climbed 4.4% in the 11:00 UTC hour and 5.7% in the 12:00 UTC hour, reaching $2.5729 in the 13:00 UTC hour. It closed at $2.4678, up 12.56%, on $29.4 million of volume, about 2.6 times its 30-day average. That was RAY's highest close since October 9, 2025 — the day before the October 10, 2025 crash, when RAY briefly traded as low as $0.77 on Binance.
Meteora took over in the evening. MET spent most of the day between $0.30 and $0.33, then rose 10.1% in the 16:00 UTC hour and 10.4% in the 17:00 UTC hour. In the 18:00 UTC hour it touched $0.4622 on $6.8 million of volume, its busiest hour of the day, before closing that hour well below the high. It kept grinding higher into the night and closed at $0.4454, up 35.83%, on $23.8 million of volume — almost seven times its average and its highest close since November 14, 2025. Early on Thursday, MET reached $0.4821.
Orca, meanwhile, had its first real down day of the run. ORCA briefly reached $3.335 in the early hours, its highest price since April 2025, then fell to $2.683 and closed at $2.855, down 10.61%. Jupiter, the largest Solana trading aggregator, gained a modest 2.2%, and Solana itself fell 3.65%. We didn't find a single announcement that explained the moves in RAY or MET.
This is what rotation within a theme often looks like: the first token to move cools off as traders look for the ones that haven't moved yet. It can continue for days, but each hand-off tends to be shorter and more volatile than the one before, and the tokens that rose last are usually the most exposed when the theme fades. Our new guide explains how Raydium, Orca, Meteora and Jupiter actually differ.