Key Points
- Solana surpassed Ethereum in 24-hour decentralized exchange (DEX) trading volume, recording $5.84 billion compared to Ethereum’s $5.75 billion
- Over the past 30 days, Solana processed nearly $137 billion in DEX trades, signaling sustained momentum
- Stablecoin supply on Solana hit a record $17.5 billion, fueling deeper liquidity and attracting institutional-grade DeFi activity
- Major stablecoins like USDC and PYUSD anchor liquidity on Solana-native DEXs such as Jupiter, Raydium, and Phoenix
- SOL rebounded 5.78% in 24 hours to $208.60 after a dip from $221 to $177 between October 10 and 11
- Technical indicators show neutral RSI at 47.7, with support near $190 and resistance around $220
- Solana’s infrastructure improvements and ecosystem growth have steadily closed the gap with Ethereum throughout 2025
A New Liquidity Leader Emerges
For years, Ethereum reigned unchallenged as the primary hub for decentralized trading. That narrative shifted dramatically in recent days as Solana claimed the top spot in 24-hour DEX volume. According to on-chain analytics, Solana processed $5.84 billion in trades within a single day, narrowly overtaking Ethereum’s $5.75 billion. This milestone marks more than a temporary blip—it reflects a structural realignment in where traders and liquidity providers choose to operate. The trend gains even more weight when viewed over a longer horizon. In the past month alone, Solana facilitated nearly $137 billion in DEX transactions, underscoring consistent and growing user engagement rather than a fleeting spike.
This shift did not occur in isolation. It coincides with a broader evolution in Solana’s market infrastructure. Unlike earlier cycles driven primarily by retail speculation, today’s activity stems from deeper, more resilient liquidity pools and institutional-grade participation. The network’s ability to sustain high throughput without compromising on settlement speed has made it increasingly attractive for professional trading firms and automated market makers. As a result, Solana is no longer just a high-performance alternative—it is becoming the default venue for on-chain trading in certain segments of the market.
Stablecoins: The Engine Behind Solana’s Liquidity Surge
A critical catalyst behind Solana’s trading volume surge lies in its explosive stablecoin growth. The total supply of stablecoins on the network recently climbed to an all-time high of $17.5 billion. This figure represents more than just idle capital; it reflects active deployment across lending protocols, yield farms, and, most notably, decentralized exchanges. Stablecoins such as USDC and PYUSD now serve as foundational assets on Solana’s top DEXs—including Jupiter, Raydium, and Phoenix—providing the depth needed for large trades without significant slippage.
What makes this development particularly significant is its timing. The stablecoin expansion occurred amid heightened market volatility, including a sharp correction that saw SOL drop from $221 to $177 in a single day. Rather than fleeing the ecosystem, participants doubled down, using stablecoins to hedge, rebalance, and re-enter positions. This behavior suggests a maturing user base that treats Solana not as a speculative playground but as a functional financial infrastructure. The presence of deep, stablecoin-backed order books allows traders to execute strategies even during turbulent periods, reinforcing Solana’s reputation for reliability under pressure.
Price Action Mirrors On-Chain Strength
Market sentiment around SOL has shifted noticeably in the wake of these on-chain developments. After bottoming near $177 on October 11, the token staged a robust recovery, climbing 5.78% within 24 hours to trade at $208.60. This rebound aligns closely with the surge in DEX activity and stablecoin inflows, indicating that price movement is backed by real usage rather than speculative hype. Technical indicators support this interpretation. The Relative Strength Index currently sits at 47.7—a neutral reading that leaves room for further upside if buying interest continues to build.
Crucially, SOL found strong support around the $180–$190 range during the recent market-wide sell-off. This zone has now transformed into a potential launchpad for the next leg up. Immediate resistance looms near $220, a level that previously acted as support before the dip. Should SOL reclaim and hold above this threshold, it could signal renewed bullish momentum. More importantly, the correlation between price resilience and on-chain fundamentals—such as rising transaction volumes and stablecoin depth—suggests that Solana’s market structure has matured beyond short-term volatility cycles.
Redefining the DeFi Landscape in 2025
Solana’s ascent is not merely about outpacing Ethereum in one metric for a day. It reflects a multi-year transformation driven by relentless infrastructure upgrades, developer adoption, and ecosystem cohesion. Throughout 2025, the gap between Solana and Ethereum has narrowed steadily across multiple dimensions: daily active users, total value locked, and now, decisively, in DEX volume. This progress stems from Solana’s unique value proposition—sub-second finality, low fees, and scalability without sharding—which appeals to both retail users and institutional participants seeking efficiency.
The network’s DeFi ecosystem has evolved in parallel, with composable protocols, cross-platform aggregators, and novel financial primitives flourishing on its rails. Projects built on Solana increasingly prioritize capital efficiency and user experience, creating flywheel effects that attract more liquidity and developers. As a result, Solana is no longer positioned as a mere competitor to Ethereum but as a distinct paradigm within decentralized finance—one optimized for speed, scale, and seamless interoperability. This redefinition of what a blockchain can offer is perhaps the most enduring outcome of its recent performance.
Conclusion
Solana’s recent overtaking of Ethereum in DEX trading volume marks a pivotal moment in the evolution of decentralized finance. Backed by record stablecoin supply, resilient price action, and a maturing ecosystem, the network has demonstrated that its growth is structural, not speculative. The convergence of deep liquidity, technical robustness, and user trust has positioned Solana as more than just an alternative—it is emerging as a primary engine of on-chain economic activity in 2025. As the infrastructure continues to scale and institutional participation deepens, Solana’s influence on the future of DeFi appears increasingly central.
