Solana's DEX Activity Surges 14% Despite 2.473% Price Drop

Solana's latest price was $126.85, down 2.473% in the last 24 hours. This decline, however, does not overshadow the significant strides Solana has made in the decentralized exchange (DEX) space. Over the past 24 hours, Solana recorded $2.5 billion in DEX activity, marking a 14% increase over the last seven days. This growth outpaces Base’s 10% and contrasts sharply with the declines seen on Ethereum and BNB. More impressively, Solana’s seven-day DEX volume has surpassed the combined volume of Base, BNB, and Arbitrum. This dominance in the DEX space underscores Solana's growing influence and adoption within the cryptocurrency ecosystem.

Beyond trading volume, Solana is also leading in protocol revenue generation. Among the top eight non-stablecoin protocols ranked by fees, five are directly built on Solana: Pump, Axiom, jupiter, Jito, and Meteora. Pump stands out in particular, generating $2.73 million in fees in just the past 24 hours and $15 million across the past week. This revenue generation highlights the robust ecosystem and the utility of the protocols built on Solana, further cementing its position as a leading blockchain platform.

Solana’s Ichimoku Cloud chart shows a clear bullish structure, with price trading above both the Tenkan-sen and Kijun-sen. This alignment indicates strong short- and medium-term momentum, with buyers maintaining control. The Kumo ahead is green and steadily expanding, which supports the continuation of the current uptrend. The distance between the price and the cloud also gives the trend some room before any potential weakness sets in. The Chikou Span is positioned above the cloud and candles, confirming bullish confirmation from past price action. As long as Solana stays above the Kijun-sen and the cloud remains supportive, the trend bias remains upward.

Solana’s BBTrend is currently at 16.89, showing a strong increase from 1.88 two days ago, though slightly down from 17.54 yesterday. This sharp rise indicates that volatility and trend strength have recently expanded significantly. The BBTrend, or Bollinger Band Trend indicator, measures the strength of a trend based on how far price moves away from its average range. Readings above 10 generally signal a strong trend in motion, while lower values reflect a range-bound or weak market. With SOL’s BBTrend holding near elevated levels, it suggests the asset is still in a strong trending phase. If it remains high or rises again, it could support further upward movement—but a steady decline might hint at a slowing trend or consolidation ahead.

Solana’s EMA lines recently formed a golden cross, a bullish signal that often marks the start of a new uptrend. This crossover suggests momentum is shifting in favor of buyers, with the potential for Solana to soon test key resistance levels. If the current trend holds, Solana could challenge resistance around the zone. A breakout there may open the path toward higher levels such as and if bullish pressure intensifies. However, if momentum fades, Solana may face a pullback toward the support zone. A break below that could trigger deeper downside moves, potentially revisiting or even if selling pressure accelerates.

Ask Aime: What is driving Solana's recent success in the DEX space?