Solana Solidifies Dominance in Onchain Payments with $364B Volume, Rivaling Traditional Exchanges
Solana has emerged as the undisputed leader in onchain payments, processing $364.34 billion in transaction volume in early 2025 and surpassing half of Nasdaq’s exchange volume. With over 100 million monthly active users, it now stands as the most-used blockchain globally. Analysts highlight its infrastructure growth and bullish price potential, with SOL trading at $181.18 USDT as of May 2025.
Solana Emerges as Dominant Force in Onchain Payments, Rivaling Traditional Exchanges
Solana has solidified its position as the backbone of onchain payments, outpacing major crypto platforms with $364.34 billion in transaction volume during January and February 2025. The network now processes more than half of Nasdaq’s exchange volume, establishing itself as the most-used blockchain globally with over 100 million monthly active users.
Analysts draw direct parallels between Solana’s infrastructure and traditional financial rails, suggesting the network could become "Nasdaq onchain." This remarkable growth follows Solana’s resurgence after the FTX collapse, demonstrating its resilience and scalability in handling institutional-grade transaction volumes.
Solana Faces Short Squeeze Fears Amid Diverging Market Signals
Solana traders are piling into short positions despite the network’s dominant decentralized exchange (DEX) volumes, creating a tense standoff between bearish bets and robust on-chain activity. The long/short ratio plunged to a 30-day low of 0.86 on May 13, with 53.6% of positions betting against SOL.
This contrarian dynamic mirrors classic market capitulation—either foreshadowing a violent short squeeze or deeper declines. solana continues to lead all blockchains in DEX trading volume, amplifying the disconnect between derivative market sentiment and actual network usage.
Solana Surges Past $185 Amid Private DEX Dominance and Meme Coin Activity
Solana’s SOL breached $185 for the first time in nearly three months, fueled by a bullish reversal in market sentiment. The rally comes as private decentralized exchanges like SolFi, Obric v2, and ZeroFi—facilitated by Jupiter—now handle 40%-60% of all routed volume, leveraging internal vault systems to manage liquidity.
Despite the upward momentum, SOL’s Relative Strength Index (RSI) signals overbought conditions, hinting at potential near-term consolidation. The token dipped 2% to $180 during Wednesday’s trading, reflecting minor profit-taking after weeks of sustained gains.
Private DEXs are reshaping Solana’s DeFi landscape, with Jupiter-routed transactions increasingly migrating to these discreet platforms. This shift underscores growing sophistication in Solana’s ecosystem, even as meme coin trading continues to drive retail participation.
Analyst Urges Patience as Solana Faces Key Resistance Level
Solana’s price recovery has stalled NEAR the $180 mark, encountering significant resistance that echoes historical price barriers. The $175-$183 zone continues to serve as a formidable challenge for the altcoin, triggering profit-taking and downward pressure.
Crypto analyst SiDec warns against impulsive entries at current levels, noting the heightened risk profile. ’This isn’t the time for haste,’ the analyst observed in a TradingView post, emphasizing the need for clearer trend confirmation before establishing new positions.
Market participants appear to be heeding this caution, with trading volumes declining as the asset consolidates below resistance. The current standoff reflects broader market uncertainty, though Solana’s underlying fundamentals remain unchanged.
