Solana DEXs Overtake Top Exchanges With $1.6 Trillion Volume Despite SOL Price Stagnation
Solana DEX volume hit $1.6 trillion, ranking second only to Binance, despite SOL's stagnant price action.Summary
Decentralized exchange (DEX) activity on the Solana network has surged, reaching $1.6 trillion in volume for 2025, positioning Solana second overall behind Binance ($7.2 trillion) and surpassing centralized exchanges like Bybit and Coinbase. This growth highlights rapid on-chain trading expansion, moving Solana up from fifth place among major trading venues just a year prior. However, despite this strong volume, Solana's price remains under pressure, trading near $126. Valuation indicators like the Network Value to Transactions (NVT) ratio are at a seven-month high, suggesting market value is outpacing real transaction demand, which historically signals bearish risk. Conversely, long-term holders have shifted from distribution back to accumulation, providing potential support. Short-term, SOL may test resistance near $130, but consolidation below $126 is likely without stronger broader investor inflows.
(Source：BeInCrypto)