Solana's DEX Volume Surges 12000% Since 2023, Price Rebounds 20%

Solana has recently demonstrated a robust bullish market structure, marked by a significant rotation within decentralized exchanges (DEXs) and the formation of a reversal base. The blockchain reversed from $125.99, forming a textbook double bottom at $141.84 and $148.83, and is now consolidating just under the $155.73 neckline. This structure developed beneath $168.49, a neckline level previously rejected twice after peaking at $168.09. Price action rebounded with force, retesting $155.73 this week.

BitGuru charts confirm an inverse head and shoulders pattern on Solana, with $168.49 and $179.64 identified as critical resistance levels. The right shoulder of this pattern formed between June 25–29, followed by a bullish continuation toward the neckline. This technical recovery, combined with growing DEX volumes, points to firm market conviction behind the $SOL rally.

Solana's current pullback sits just below the breakout level, with price holding near $153.75 and consolidating above former breakout areas. This structure builds on the bullish reversal that began after the June dump, confirming ongoing momentum in the market. The blockchain's speed and low transaction fees amplify its benefits by converting virality into actual trading activity, making it an attractive option for traders and developers.

DEX volume on Solana has surged since late 2023, with March 2025 logging over $60 billion in weekly activity. From July 2022 through mid-2023, Solana posted less than $500 million daily across most platforms. That shifted as new protocols entered the space, with the largest volume spike occurring in Q4 2024, peaking at nearly $100 billion. Raydium led in transaction flow, with Phoenix and Meteora providing consistent secondary volume. Newcomers like Pumpdotfun and legacy players such as Orca also contributed.

This volume growth shows Solana’s expanding liquidity across multiple venues, not concentrated in one protocol. Sustained activity from Q4 2024 into mid-2025 highlights the depth of Solana’s DeFi infrastructure. Strong capital rotation continues into Q3 2025, with Solana remaining one of the most structurally sound Layer 1s by chart and DEX data. Both price action and liquidity trends reflect strong conviction from traders and capital allocators. Pullbacks are still being bought, and resistance at $168.49 continues to act as a decisive battleground.

In summary, Solana's recent market movements, characterized by a strong DEX rotation and the formation of a reversal base, suggest a bullish market structure. The blockchain's speed, low fees, and growing ecosystem make it an attractive option for traders and developers, setting the stage for potential future growth. The strong DEX rotation indicates significant trading activity and liquidity within the Solana ecosystem, which is a positive sign for its future performance. The reversal base formation is a crucial technical indicator, suggesting that the market has found a support level from which it can bounce back, further reinforcing the bullish outlook for Solana.