Solana Surges Past Ethereum in DEX Volume—Is This SOL’s Comeback Moment?

Solana just flipped Ethereum in decentralized exchange activity—and the crypto world is buzzing. Could this be the spark that reignites SOL's bullish momentum?

DEX dominance shifts

The blockchain known for its speed and low fees is finally flexing its muscles where it counts. While Ethereum stumbles with congestion fees that'd make a Wall Street banker blush, Solana's infrastructure handles the load without breaking a sweat.

What this means for SOL

More volume means more network activity—and potentially more upward pressure on SOL's price. But let's see if the traders chasing this narrative have stronger hands than your average meme-stock investor.

The real test comes next: Can Solana sustain this advantage, or will Ethereum's entrenched ecosystem fight back? One thing's certain—in crypto, today's hero often becomes tomorrow's afterthought.

In Brief

• Solana reaches 94.8 billion dollars in DEX volume, ahead of Ethereum’s 64.8 billion.
• Raydium, Jupiter, and Zeta Markets energize DeFi on Solana with impressive growth.
• The collapse of memecoins dries up network activity despite Solana’s technical robustness.
• MEV threats, the arrival of Hyperliquid, and token unlocks weaken the current momentum.

DEX on fire, network slowing down: the Solana paradox

: this is theover the past 30 days, compared to 64.8 billion for Ethereum. The network outperforms its rival, powered by Jupiter (50% of volumes), Raydium, and Zeta Markets, which explodes with +212% volume growth in one month. Add, and(compared to 36.9 million for Ethereum). The package impresses.

But behind the numbers, a shadow persists. Overall network activity has plunged 91% compared to January. A disconnect between infrastructural performance and organic vitality. Davo from Drift Protocol reminds, however, that solana has a robust base layer, without an off-chain matching engine.

An architecture thatbut struggles to reassure markets. This misalignment between technological prowess and user dynamism raises questions. Can a solid future be built without active and engaged users?

Memecoins in decline: has the speculative bubble burst?

In the crypto arena, Solana had found. Popular, viral, they boosted transactions and fees. But today,, their golden age is over. Giga down 42%, POPCAT 35%, Bonk and WIF 25%. Result? Traffic dwindles, momentum slows.

, the epicenter of the movement, even considers flying on its own with. A headlong rush that WOULD weaken the ecosystem further.

The decline of memecoins marks the end of a euphoric era. The speculative sector runs out of fuel, leaving DEXs orphaned without an engine. Speculative enthusiasm may have peaked. Theis now clear: to turn technical success into lasting adoption. The time is no longer for speed, but for depth. Without sustained engagement, numbers are no longer enough.

Solana facing the storm: ETF, Hyperliquid, and other shocks

While Solana sets records, threats accumulate. First, a financial danger:, some 600 million $ that could flood the market. Next, a structural threat: MEV attacks (sandwich, front-running) exploit the network’s speed. Finally, fierce competition:. Some Solana DApps even consider migrating.

But a catalyst is emerging: thein October. Enough to reignite hopes for a bullish rally. Currently, derivatives markets show a lack of confidence: negative funding rates, shorts under pressure.

Yet weak signals persist. Davo highlights “the native use of assets as collateral on Solana“. And the solid network structure could become an asset again if connected to renewed storytelling.

Key figures to remember:

• 94.8 billion $ DEX volumes;
• +14% TVL, reaching 11 billion $;
• 600 million $ of SOL tokens unlocking soon;
• 84%: Hyperliquid’s lead over competitors;
• 48.7 million $ fees generated in 30 days.

The Ethereum–Solana duel takes an unprecedented turn. More and more analysts anticipate a shift. Cantor Fitzgerald now recommends betting on SOL. Anthony Scaramucci, of SkyBridge, sees Solana as a future giant. For Solana, the game is far from over. It may just be beginning.

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