Solana Records $124 Billion DEX Volume in July, Outpacing Ethereum

Solana's dominance in decentralized finance (DeFi) continues, with July DEX activity reaching $124 billion, outpacing Ethereum for the 10th consecutive month. This performance reflects a 40% advantage over Ethereum.

Developer Shift Accelerates

Over 40% of new project founders chose Solana in H1 2025, up from 25% last year.
Solana's low-cost, high-speed transaction capabilities attract developers focused on performance-driven DeFi apps.
Sustained DEX volume growth indicates a strong user base and potential for more developers joining the ecosystem.

Market activity shows that Solana's increasing DEX throughput could create a feedback loop, attracting more users and developers.

Price And Technical Signals

SOL trades above $205 after a breakout, with short-term support at the 20-day SMA around $191.
Positive market indicators are present, with MACD suggesting upward momentum.
Resistance levels identified at $215, $228, and $240; longer-term targets may reach $300.

Contrastingly, Ethereum has experienced volatility, dropping below $4,800, highlighting ongoing market fluctuations.

This divergence suggests a fragmentation in market activities—Solana leads in DEX volume while Ethereum maintains institutional demand.