Solana Tops Ethereum with $124B July DEX Volume
Solana extended its dominance in decentralized finance by recording $124 billion in DEX trading volume in July. This marks the 10th consecutive month Solana has outpaced Ethereum, maintaining a 40% edge in DEX volume.
Alliance DAO data revealed that over 40% of new DeFi project founders in H1 2025 chose Solana, up from 25% a year earlier. Developers cite Solana’s high throughput, low fees and predictable transaction costs as key advantages.
SOL’s market capitalization stands at $107 billion, with the price trading above the $205 zone. Technical indicators, including a 20-day SMA near $191 and green MACD bars, signal bullish momentum. Analysts have set resistance levels at $215, $228 and $240, eyeing a potential longer-term target of $300.
Meanwhile, Ethereum exhibited volatility, falling below $4,800 amid institutional inflows and broader market swings. The contrast highlights a fragmented market: Solana leads in DEX volume and developer adoption, while Ethereum retains strength in institutional demand and alternative use cases.
Bullish
The report of $124 billion in July DEX volume for Solana, marking a 10-month winning streak over Ethereum, indicates growing user activity and developer trust. Rising project launches and sustained liquidity on Solana create a positive feedback loop. Bullish technical signals—including a price breakout above $205, a supportive 20-day SMA and green MACD—reinforce upward momentum. While Ethereum remains strong in institutional flows, the clear shift toward Solana for DeFi deployments suggests continued capital rotation and market confidence in SOL’s throughput and cost advantages. This positions Solana for further gains in both the short-term trading cycle and longer-term adoption trends.