Solana DEX volume tops $1.6T as SOL price lags

Solana recorded $1.6tn in decentralised exchange trading volume in 2025, overtaking several major centralised exchanges.

Data shared by Artemis researcher ZJ showed Solana ranked second by total volume, behind only Binance.

The blockchain surpassed platforms including Bybit, Coinbase and Bitget during the year.

Just a year ago, Solana was fifth among major exchanges and is now second, only behind Binance.

ZJ said.

Rising on-chain activity has helped stabilise SOL after months of price weakness.

SOL was trading near $126 despite the surge in decentralised trading volume.

Analysts warned valuation metrics are flashing caution signs for the network.

Solana’s Network Value to Transactions ratio climbed to a seven-month high, suggesting price may be outpacing demand.

Elevated NVT levels have historically preceded periods of downside pressure.

Long-term holders have begun accumulating SOL again after nearly four months of distribution.

Analysts said renewed accumulation could help cushion volatility and limit downside risk.

Growing usage of propAMMs and central limit order books has been cited as a key driver of Solana’s volume growth.

At the time of reporting, Solana price was $124.69.