Solana overtook Ethereum in decentralized exchange (DEX) volume—a notable milestone in the blockchain space. According to DefiLlama, Solana’s 30‑day DEX volume hit $64.1 billion, edging past Ethereum’s $61.4 billion. This achievement raises the crucial question: Will SOL’s price follow this momentum and hit $180?
Solana DEX Volume vs Ethereum – What’s Behind the Surge?
Volume Breakdown
- Total DEX volume (30 days):
- Solana: $64.1 billion
- Ethereum: $61.4 billion
- Top contributing platforms on Solana:
- Raydium: $19.1 billion
- Pump.fun: $14.2 billion
- Orca: $13.9 billion
Despite these figures, volumes are still 91% below January peaks, suggesting potential bullish momentum remains.
On‑Chain & Derivatives Sentiment
Negative Funding Rates
While DEX activity increased, investor sentiment hasn’t fully turned bullish. Solana’s funding rate for perpetual futures remains negative, meaning more traders are shorting SOL. This contrast signals cautious positioning in derivatives markets.
Memecoin Fade
The memecoin bubble—as seen in tokens like Giga, Popcat, Bonk, and WIF—has cooled significantly. Most of these have dropped 25–42% over 16 days. Since many DeFi inflows were memecoin-driven, renewed confidence is essential to sustain momentum.
SOL Price Prediction 2025 – Can $180 Be Next?
Technical and Fundamental Drivers
Several conditions must align for SOL to hit $180:
- Price stalled ~15% below recent highs, failing to reclaim $168.
- Bearish funding rates are pressuring price amid active selling.
- Low memecoin activity dampens speculative inflows.
Conversely:
- Rising DEX volume outpacing Ethereum.
- Solid performance from core platforms like Raydium.
- Solana’s technical strengths—low fees, high throughput—continue attracting long-term users.
SOL Price Prediction 2025
Analysts estimate SOL could test the $180–$200 range if on‑chain metrics improve and sentiment shifts. Moreover, if the spot Solana ETF gets approved, it could amplify upward momentum before the year ends.
Solana ETF Impact on Price
ETF Approval Timeline
The SEC is reviewing multiple spot Solana ETF applications, with a December–October decision anticipated. Polymarket currently prices approval odds at around 91%.
Institutional Inflows
A green light on a spot ETF would:
- Open SOL to institutional capital and retail investors.
- Increase fund inflows, which historically moved altcoins higher.
- Potentially drive SOL above $180, with some forecasting even toward $300+.
Competitive Landscape & Risks
Hyperliquid and Derivatives Shift
Hyperliquid has dominated perpetual futures trading, surpassing Solana-based derivatives. This shift raises questions about whether Solana can maintain its lead in the derivatives space.
Network Reliability and Memecoin Dependency
While Solana’s infrastructure is robust, it’s often associated with memecoin activity. A sustained dip in speculative tokens could suppress user interest. If core usage and developer engagement lag, the bullish case may falter.
What to Watch Next
- DEX Volume Trends: Sustained volume — especially if it stays above Ethereum.
- Funding Rate Shifts: A positive flip could indicate rising bullish momentum.
- ETF News: Any SEC announcement could significantly move price.
- Derivatives Growth on Solana: An uptick in futures open interest signals institutional interest.
Summary Table
| Factor | Status | Impact on Price |
|---|---|---|
| 30‑day DEX volume | Solana > Ethereum | 🟢 Positive |
| Derivatives funding rate | Negative | 🔴 Bearish pressure |
| Memecoin activity | Declining | ⚠️ Reduces speculative inflows |
| Spot ETF approval odds | ~91% | 🟢 Highly positive |
| Technical on-chain strength | Solid infrastructure | 🟢 Long‑term support |
Final Take
Solana’s achievement in surpassing Ethereum in DEX volume—using the focus phrase Solana DEX volume vs Ethereum—marks a pivotal moment in decentralized finance. However, it doesn’t yet guarantee a price breakout.
Today, negative funding rates and dwindling memecoin interest are cooling near‑term bullish sentiment. Still, Solana’s technical edge and upcoming ETF prospects build a strong case for a SOL price prediction 2025 of $180 or higher.
Read Also: Solana ETF Update: What the Mid‑June S‑1 Resubmission Deadline Reveals
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