TLDR
- Solana has outpaced Ethereum in DEX trading volume for 10 consecutive months, with $124 billion in July 2025
- Developer migration to Solana increased from 25% in 2024 to over 40% in 2025
- SOL price currently stable above $205 with analysts targeting $215 and potentially $300
- Solana recorded $33.3 billion in 24-hour trading volume, establishing itself as the third-largest crypto by trading activity
- Google Trends data shows Solana reaching all-time highs in search interest while Bitcoin and Ethereum remain below past peaks
Solana has achieved a major milestone in the decentralized finance space by outperforming Ethereum in decentralized exchange (DEX) trading volume for the tenth month in a row. According to data from SolanaFloor, the total DEX volume on Solana reached $124 billion in July, representing a 42% increase compared to Ethereum.
This continued dominance signals Solana’s growing importance in the DeFi ecosystem. The blockchain’s expansion has been supported by increasing developer migration to its platform.
The latest data from Alliance DAO shows that more than 40% of founders chose to build on Solana in the first half of 2025. This marks a substantial increase from 2024, when only 25% of developers migrated to the SOL ecosystem.
The shift in developer preference can be attributed to Solana’s technical advantages. The blockchain’s design supports high-speed transactions at low costs, making it an attractive alternative to Ethereum for many projects.
Solana’s ability to handle large transaction volumes without congestion makes it well-suited for performance-oriented applications. This scalability has become a key factor in drawing both developers and users to the platform.
$SOL is on a one-way ticket to the moon. π After a brutal drop, Solana has found its footing and is riding a perfect uptrend channel. The path to $300 is wide open pic.twitter.com/vR4HdL272O
— πππ¦π«ππ§ ππ¬π π‘ππ« (@Karman_1s) August 24, 2025
On the price front, SOL is currently holding steady above the $205 level following a strong weekly breakout. The 20-day Simple Moving Average (SMA) provides support around $191, enhancing short-term stability.
Technical indicators show positive momentum, with the MACD displaying green movement bars that suggest continued upward potential. Market analysts are watching the $210-$220 resistance zone closely.
Solana’s Technical Outlook
Solana is pressing against a long-standing resistance trendline on the daily timeframe. This level has capped multiple rallies since March, making the current test particularly important.
Analysts note that SOL is forming an ascending triangle pattern, which often precedes breakout moves. The confluence of rising trendline support and horizontal resistance at $210 creates a key decision point for SOL’s next move.
If Solana successfully establishes itself above $220, focus would shift toward higher targets between $250 and $270. However, maintaining position above the $200 mark remains crucial for the bullish trend to continue.
A decline below this level could trigger a pullback to the $191 support zone. Traders are watching volume patterns closely, as increasing volume would reinforce breakout potential.
Market Momentum Building
Solana has secured its position as the third-largest cryptocurrency by trading volume, sitting behind only Bitcoin and Ethereum. Recent data shows SOL recorded $33.3 billion in 24-hour trading activity, far outpacing other major altcoins.
Funding rates for Solana remain relatively balanced, suggesting that while open interest is building, the market isn’t leaning into excessive leverage. This balanced positioning could support sustainable price growth.
Google Trends data reveals an interesting pattern: while searches for Bitcoin and Ethereum remain below their historical peaks, Solana is breaking into new all-time highs for search interest. This divergence indicates growing retail and broader market attention focused on Solana.
For SOL, this surge in search activity serves as additional support for its price action. Rising interest typically aligns with increased participation and liquidity, both strengthening breakout attempts.
The price target for SOL in the near term is $215, a resistance level observed in March. If Solana overcomes this barrier, the path toward $228 and eventually $240 would open up.
Analyst Kamran Asghar predicts SOL could reach $300 based on positive market trends and steady increases in trading volumes. The combination of technical strength and growing on-chain activity provides a foundation for this outlook.
Solana’s price now tests the crucial $210-$220 resistance zone with momentum building across multiple indicators. With strong on-chain performance and increasing market interest, SOL appears positioned for its next phase of market movement.
