Solana News Today: Solana Surpasses Ethereum in DEX Volume—But Is It Sustained Growth or a Flash in the Pan?

Solana’s decentralized exchange (DEX) volume surged to over $2.6 billion in the last 24 hours, surpassing all other blockchain networks to claim the top spot globally. This record-setting trading activity highlights a significant uptick in the network’s liquidity and user engagement, despite mixed signals regarding long-term adoption. The rise in DEX volume places Solana ahead of Ethereum and BNB Smart Chain, which collectively accounted for roughly half of global on-chain DEX activity during the period. Solana’s share of the total DEX volume reached 25.36%, slightly edging out Ethereum’s 23.3% [4].

This surge in activity is attributed to the network’s high throughput, low transaction fees, and rapid finality, which make it attractive for high-frequency traders. Solana’s average transaction cost of $0.043 is tenfold lower than Ethereum’s $0.43, allowing for greater value transacted per dollar spent. However, data reveals a significant churn in addresses, with over 96% of Solana DEX participants active for less than a day. This suggests that the platform attracts short-term traders and liquidity arbitrageurs rather than long-term investors or users, potentially masking the actual level of adoption [4].

Despite these dynamics, the volume increase reflects a broader trend of institutional and retail investor interest. Over the past seven days, investors bought $770 million worth of Solana (SOL), with 3.79 million SOL tokens leaving exchanges, a clear sign of accumulation and long-term holding behavior. The price of SOL has held steady above $200, with the Relative Strength Index (RSI) remaining in positive territory, indicating sustained bullish momentum. Analysts note that continued inflows and accumulation could strengthen the $200 support level, potentially enabling a breakout toward higher resistance levels [1].

The bullish sentiment is further reinforced by institutional developments. The Nasdaq recently approved the trading of SOL Strategies, which began under the ticker STKE on September 9, 2025. This move is expected to enhance institutional access to Solana-related assets and bolster the network’s credibility. Leah Wald, CEO of the strategy firm, emphasized that the approval validates growing institutional interest in Solana and its validator infrastructure. She also highlighted the potential for increased inflows as a result of the listing [2].

Technical indicators and market structure also support a bullish outlook. A breakout above $217.93 in the Adam and Eve chart pattern would confirm buyer strength and momentum. Fibonacci resistance levels are projected at $262.92 and a final target near $320. If Solana sustains above key support levels, it could signal a strong continuation of the upward trend. However, the market remains cautious, with a 24.16% pullback in the SOL/ETH ratio during Q3, marking its worst quarterly performance since 2022. This indicates that while on-chain activity is robust, the relative price strength has not matched the volume gains [4].

While the record DEX volume demonstrates Solana’s capacity to handle high-frequency trading and attract liquidity, the high address churn rate suggests that long-term user retention and network stickiness remain challenges. With only 0.2% of Solana addresses active for more than a year, the network faces questions about the sustainability of its growth. Addressing this gap between transaction throughput and long-term adoption will be critical for Solana to maintain its momentum in the competitive blockchain landscape [4].

Source:

[1] Solana Price Charts Receive Major Bullish Signal (https://beincrypto.com/solana-price-bullish-signal-buying-spree/)

[2] Solana Price Eyes $320 as SOL Strategies Gains Nasdaq Approval (https://coincentral.com/solana-price-eyes-320-as-sol-strategies-gains-nasdaq-approval/)

[3] 3 Best Base Meme Coins to Buy in 2025? - Yahoo Finance (https://finance.yahoo.com/news/dex-volumes-tipped-explode-3-122343655.html)

[4] Solana beats Ethereum in DEX volume, but SOL traders aren't interested in SOL (https://ambcrypto.com/solana-beats-ethereum-in-dex-volume-but-traders-arent-interested-in-sol/)