Yeliz Akmaca 
In the last 30 days, Solana achieved a significant milestone by surpassing Ethereum in DEX trading volume. According to DefiLlama data, Solana recorded $64.1 billion in trading volume, exceeding Ethereum’s $61.4 billion.
Leading protocols included Raydium ($19.1B), Pump.fun ($14.2B), and Orca ($13.9B). BNB Chain maintained its top position with $159.6 billion volume, while Solana rose to second place by increasing its market share throughout June. Despite this rise, overall network activity remained 91% lower compared to January.
Declines in the memecoin market have increased pressure on Solana. Over the past 16 days, tokens like Giga (-42%), Popcat (-35%), Fartcoin and PNUT (-31%), Bonk and WIF (-25%) lost significant value. This decline shook investor confidence despite rising DEX volume. Additionally, Hyperliquid’s dominance in the perpetual futures market, with trading volume surpassing competitors by 84%, has deepened threats to Solana. This success sparked speculation that some projects may build independent chains separate from Solana.
What’s Next for SOL Price?
Since June 12, SOL price dropped 15%, falling to $143.03, driven by declining memecoin interest and low network activity. Negative funding rates in derivatives markets indicate weakening demand for leveraged long positions. However, the SEC’s decision on a Solana spot ETF, expected in October, is seen as the biggest catalyst for price movement. Davo from Drift Protocol highlighted Solana’s robust infrastructure enabling token usage on the collateral side.
Although Solana’s DEX volume attracts attention, memecoin declines and the Hyperliquid threat make investors cautious. Analysts note that due to low fees and high scalability, SOL has potential to retest $180 before October.
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