Solana DEXs Overtake Top Exchanges With $1.6 Trillion Volume Despite SOL Price Stagnation
Solana has tried a modest restoration after prolonged weak point, supported by rising on-chain exercise. Increased community utilization has translated into stronger efficiency metrics, serving to stabilize worth motion.
While SOL stays underneath strain, increasing transaction quantity may place the altcoin for a short-term rally if demand sustains.
Solana Is Shaming CEXes
Solana’s 2025 performance has outpaced a number of centralized exchanges by buying and selling quantity. According to Artemis researcher ZJ, decentralized trade exercise on Solana reached $1.6 trillion this yr. That determine ranks Solana second total, behind solely Binance, which posted $7.2 trillion in quantity.
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The knowledge highlights fast progress in on-chain buying and selling. Solana surpassed Bybit, Coinbase Global, and Bitget in whole quantity. ZJ famous on X that Solana ranked fifth amongst main buying and selling venues only one yr in the past.
“only a yr in the past, solana was fifth amongst main CEXes. right now in 2025, it’s 2nd – solely behind Binance, having simply overtaken Bybit. with propAMMs and CLOBs being a serious progress story in current months for solana. its arduous to not be bullish trying into 2026 (sic),” ZJ noted.
Solana Investors Are Grounding The Token
Despite robust quantity metrics, valuation indicators elevate warning. Solana’s Network Value to Transactions ratio has climbed steadily and now sits at a seven-month high. Historically, rising NVT readings sign bearish threat, as market worth grows sooner than precise transaction demand.
This divergence suggests hype could also be outpacing actual financial exercise. When community valuation expands with out matching utilization progress, costs typically face correction. Elevated NVT ranges are inclined to precede bearish breaks, putting near-term strain on SOL’s recovery attempts.
Long-term holder habits gives a counterbalance to bearish indicators. The HODLer web place change exhibits a notable shift over the previous week. After practically 4 months of distribution, long-term holders have returned to accumulation.
This transition is critical as a result of long-term holders typically stabilize the worth throughout unstable durations. Their renewed accumulation suggests confidence in Solana’s longer-term prospects. This help may assist take in promoting strain and restrict draw back threat regardless of combined short-term indicators.
SOL Price May Find A Breach
Solana worth is buying and selling close to $126 on the time of writing, assembly resistance at this degree. Even with current stabilization, SOL is on observe to shut 2025 down roughly 33%. This context frames the present restoration as corrective slightly than trend-defining.
In the quick time period, Solana could test resistance close to $130 if long-term holder help persists. Without stronger inflows from broader traders, upside could stay capped. Consolidation under $126 seems seemingly if momentum weakens.
Downside threat stays current. A failure to keep up help at $123 could expose SOL to a decline towards $118. Such a transfer would invalidate the bullish thesis and reinforce the broader bearish construction till stronger demand returns.
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