Solana Ranks Second in DEX Volume – Will SOL Price Follow?

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Solana (SOL) has recently reclaimed the second spot in decentralized exchange (DEX) trading volume, surpassing Ethereum and reigniting discussions about its price potential. Despite a 15% drop in SOL’s value after failing to retest the $168 resistance on June 12, network fundamentals suggest underlying strength that could support a rebound toward $180—especially amid weakening memecoin sentiment and shifting market dynamics.

This resurgence highlights Solana’s growing appeal as a high-performance blockchain, driven by low fees, fast transaction speeds, and a vibrant DeFi ecosystem. But can technical momentum and DEX activity alone propel SOL higher, or will broader market conditions and regulatory catalysts play a decisive role?

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Solana Surpasses Ethereum in 30-Day DEX Volume

According to DefiLlama, Solana recorded $64.1 billion in DEX volume over the past 30 days, edging out Ethereum’s $61.4 billion. While BNB Chain continues to lead with $159.6 billion in volume, Solana’s surge reflects growing confidence in its infrastructure and user adoption.

This milestone is particularly notable given that Solana’s current DEX activity remains 91% below its all-time high from January, suggesting significant room for expansion as market conditions improve.

Key platforms fueling this growth include:

These decentralized exchanges have become central hubs for token swaps, liquidity provision, and new token launches—especially within the memecoin sector. However, their influence extends beyond speculative trading, contributing to Solana’s broader utility in decentralized finance (DeFi).

Memecoin Momentum Fades, But Core Network Strengthens

Despite Solana’s DEX leadership, memecoin performance has cooled significantly. Over the past 16 days, major Solana-based memecoins have seen sharp declines:

This weakening sentiment has dampened retail enthusiasm, making it harder for traders to focus on positive network developments like rising DEX volume.

However, declining memecoin hype doesn’t necessarily reflect broader ecosystem health. In fact, it may signal a maturation phase where speculative frenzy gives way to more sustainable use cases—such as DeFi, NFTs, and real-world asset tokenization—built on Solana’s scalable infrastructure.

Hyperliquid Emerges as a Challenge to Layer-2 Dominance

A new competitive force is reshaping the landscape: Hyperliquid, a blockchain optimized for perpetual futures trading. Data from DefiLlama shows Hyperliquid’s 30-day trading volume exceeds the combined total of its five largest rivals by 84%.

This rise has sparked speculation that successful decentralized applications (DApps) might launch their own independent blockchains. For instance, Pump.fun—a major driver of Solana’s DEX volume—could potentially fork off, creating fragmentation risks for the network.

Such concerns have weighed on trader sentiment, particularly in the derivatives market. As we’ll explore next, bearish positioning has increased despite Solana’s strong fundamentals.

Derivatives Market Signals Caution

Funding rates in perpetual futures contracts offer insight into trader sentiment. In neutral markets, long positions typically carry annual funding rates between 5% and 12%. When rates turn negative, it indicates bearish bias—short sellers are willing to pay to maintain their positions.

Over the past 30 days, SOL’s perpetual contract funding rates have trended negative, signaling weak bullish conviction. This lack of sustained optimism in the derivatives space suggests that while on-chain metrics improve, speculative demand remains fragile.

Still, long-term catalysts could shift this dynamic.

Potential Catalyst: The Solana ETF Decision

One of the most anticipated events for SOL holders is the potential approval of a Solana spot ETF by the U.S. Securities and Exchange Commission (SEC), with a decision expected around October 2025.

ETF approvals often bring institutional inflows, enhanced liquidity, and greater market legitimacy—factors that could significantly boost SOL’s price if realized.

Until then, bulls are banking on Solana’s technical strengths to sustain momentum.

Davo from Drift Protocol emphasizes that Solana’s base layer enables strong asset usability, allowing tokens to be used as collateral across DeFi platforms. He also highlights the absence of off-chain order matching systems, which protects users from transaction reordering and front-running—common issues on other blockchains.

These features enhance trust and security, making Solana an attractive foundation for future financial applications beyond just memecoins.

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Beyond Memecoins: Solana’s Broader Ecosystem Potential

While much of Solana’s attention stems from meme-driven trading activity, its ecosystem hosts diverse applications:

Even as emerging blockchains like Berachain struggle to attract capital, Solana maintains strong developer activity and user engagement—thanks to its low transaction costs and high throughput.

Moreover, institutional interest is growing. Robinhood’s recent launch of micro futures for Solana, Bitcoin, and XRP indicates increasing mainstream accessibility for derivatives trading.

Frequently Asked Questions (FAQ)

Q: Why did SOL price drop despite rising DEX volume?
A: Price movements don’t always align with on-chain metrics. The decline followed failed momentum above $168 and coincided with fading memecoin interest and negative sentiment in derivatives markets.

Q: Can Solana sustain its #2 DEX volume position?
A: Yes, if key platforms like Raydium and Orca continue innovating and attracting liquidity. However, competition from Ethereum L2s and standalone chains like Hyperliquid remains intense.

Q: What would drive SOL to $180 again?
A: A combination of strong DEX activity, positive ETF speculation, improved funding rates, and broader crypto market recovery could reignite bullish momentum toward $180.

Q: Is a Solana ETF likely to be approved?
A: While not guaranteed, growing regulatory clarity and precedent from Bitcoin ETF approvals increase the chances. A final decision is expected around October 2025.

Q: How does Solana compare to Ethereum in DeFi?
A: Solana offers faster transactions and lower fees than Ethereum, making it ideal for high-frequency trading. However, Ethereum maintains stronger security guarantees and a larger developer base.

Q: Could Pump.fun leave Solana to launch its own chain?
A: It’s possible but risky. While independence could offer more control, leaving Solana would mean losing access to its established user base and liquidity network.

Solana’s return to second place in DEX volume underscores its resilience and technological advantages. Even as memecoin fever cools and new competitors emerge, the network continues to demonstrate robust infrastructure and growing utility.

With the potential Solana ETF decision on the horizon and strong fundamentals in place, a move back toward $180 remains within reach—even before any major regulatory breakthroughs.

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