Solana has taken over from Ethereum in terms of DEX volume. It is now at number 2 in the world with $64.1 billion in 30 day trades. Solana’s presence in the DEX ecosystem signals its strong potential. Ethereum is right behind at $61.4 billion. However, BNB Chain is still at the top with $159.6 billion. This is a turning point in the layer-1 ecosystem competition. It sees the growth of Solana’s presence in on-chain trade.
Raydium reported $19.1 billion, Pump.fun $14.2 billion, and Orca $13.9 billion in DEX trading volume. Solana’s DEX trade is heavily represented by these figures. Together, these represent over 73% of Solana’s total DEX trade. In other news, the increase is a bit of a downer. As a whole, DEX trading is still at 91% of what it was in January 2025. While we are seeing growth on the Solana front, the larger market is still.
Solana DEX Growth Outpaces Price Performance
Despite its dominance in DEX action, SOL’s price has been a problem. Since June 12, when it last hit $168, SOL has seen a 15% drop. Solana’s DEX market movement contrasts the slipping price. This marks the failure of the $168 resistance level. At present, it is trading between $140 and $147. This is a zone of strong technical resistance for the $147-$155 range. This trend will continue until that resistance flips into support. In turn, this may not happen for some time.
Analysts report that a strong rebound from the $140 level may see prices rise to $165-$175 in the short term. Also, longer-term projections of $200-$270 by August are driven by a revival in institutional interest. Upcoming ETF issues also contribute to this prediction. The memecoins, which in the past have driven retail action for Solana DEX, are currently under pressure. Giga is down 42%, Popcat 35%, and BONK 25% over the past 2 weeks. This indicates a bearish sentiment at present.
Yet still, innovation is at play. Solaxy (SOLX) is the first Layer 2 memecoins to emerge from Solana’s ecosystem. Solana DEX continues to inspire new developments. They were able to raise $48.4 million at launch. Additionally, they saw a 76% increase post-launch, proving that new stories can indeed capture the market’s attention.
Solana ETF Excitement as Hyperliquid Sets the Stage.
Solana’s largest positive move may come in October. Bloomberg has raised the chance of a Solana ETF to 90%. In turn, Polymarket has given an 82% approval. The SEC has recently requested more info on S-1’s. This is an indication of active discussions with issuers like VanEck and Fidelity.
Meanwhile Hyperliquid is changing the game in DeFi with 70-80% of on-chain perpetual futures. We see its $6.4 billion daily volume which also out performs Solana DEXs. This trend may put at risk Solana’s user base growth also if popular apps like Pump(fun) shift elsewhere.
Still, Solana holds key advantages: Ultra low fees, scalable architecture, and growing institutional support. If the ETF goes through, and memecoins see a revival, SOL may return to $180 and possibly much more.
