Key Takeaway
What’s driving Solana’s DEX dominance?
Rising stablecoin inflows and infrastructure have pushed Solana ahead of Ethereum in daily DEX volume.
What could shape SOL’s next move?
If liquidity remains strong and price momentum holds above $200, Solana could consolidate its lead and attract more institutional DeFi participation.
Solana has surpassed Ethereum in decentralized exchange (DEX) trading volume, indicating a significant shift in liquidity across on-chain markets.
Source: X
Data from DefiLlama shows that Solana recorded $5.84 billion in DEX trading volume over the past 24 hours, edging past Ethereum’s $5.75 billion. Over the past 30 days, Solana has facilitated nearly $137 billion in DEX transactions, indicating its growing dominance.
Solana stablecoin growth drives liquidity boom
The rise in Solana’s on-chain activity coincides with a sharp increase in stablecoin supply, which has reached an all-time high of $17.5 billion, according to Artemis data.
This liquidity injection has strengthened the chain’s role as a preferred venue for high-frequency traders and automated market makers.
Source: X
Stablecoins such as USDC and PYUSD have become key liquidity anchors on Solana’s major DEXs, including Jupiter, Raydium, and Phoenix, enabling seamless swaps and deep order books even during high volatility periods.
This surge in stablecoin circulation is not just speculative capital but a sign of maturing institutional and DeFi participation.
This is particularly true after the recent market turbulence that tested the network and drove the SOL price down.
SOL price rebounds amid renewed confidence
SOL’s price also reflected improving market sentiment.
According to TradingView, the token rebounded by 5.78% in the last 24 hours, trading at $ 208.60 at press time.
Analysis showed that the SOL price decreased from around $221 to $177 between 10 and 11 October.
Source: TradingView
The Relative Strength Index (RSI) now stands at 47.7, indicating neutral momentum with room for upside if buying pressure persists.
After the broader crypto sell-off last week, Solana’s price found support around $180, bouncing alongside rising on-chain volumes and DEX liquidity.
Technical levels indicate immediate resistance at around $220, while maintaining support near $190 could help sustain the uptrend.
Solana’s steady climb
Solana’s performance highlights a broader market trend, and the chain has consistently narrowed the gap with Ethereum in both trading activity and developer traction throughout 2025.
Its growing ecosystem of DeFi apps and rising transaction throughput have strengthened its position as a serious challenger in decentralized finance.
