Solana DEX volume tops $7 billion, beating Coinbase and Kraken combined

Solana's decentralized exchange ecosystem recorded more than $7 billion in spot trading volume over the past week, surpassing the individual volumes of major centralized exchanges Coinbase and Kraken, according to on-chain data compiled by The Block and CoinGecko.

"Solana's DEX infrastructure has reached a scale where it competes directly with centralized venues on volume, not just on speed or cost," Jason Wu, an on-chain analyst, said. "The network processed 33 billion transactions in 2025 at an average fee of $0.0013, making high-frequency on-chain trading economically viable for both retail and institutional participants."

The $7 billion weekly volume figure reflects activity across Solana's leading DEX protocols, including Orca, Raydium and Jupiter, which together account for the majority of spot trading on the network. By comparison, Coinbase's reported spot volume for the same period was approximately $5.8 billion, while Kraken's was roughly $3.2 billion, according to data from CoinGecko. The milestone underscores a broader shift in market structure: decentralized exchanges on Solana now process more volume than two of the largest US-based centralized platforms combined.

The volume surge comes as Solana's broader ecosystem shows mixed signals. The SOL token traded at $68.15 as of Friday, roughly 75 percent below its January 2025 all-time high, even as institutional adoption of the network's infrastructure accelerates. Morgan Stanley submitted an updated S-1 filing for a Solana ETF product (MSOL) this week, while JPMorgan, Visa and Franklin Templeton continue building on Solana's rails for tokenized assets and settlement.

The divergence between on-chain activity and token price highlights a structural tension. Solana's RWA market cap rose 43 percent quarter-over-quarter to $2.01 billion in Q1 2026, according to Messari, and the network now hosts more than 285,000 holders of tokenized real-world assets. Yet SOL sits below its 20-day moving average of $69.78 and its 50-day moving average of $80.16, with the Relative Strength Index at 60.4 — improving but not yet decisive.

Derivatives data paints a cautious picture. SOL futures open interest contracted to $4.85 billion on Friday, down from $5.18 billion two days earlier, while long position liquidations totaled $13.66 million over the past 24 hours — dramatically outpacing the $1.80 million in short liquidations, according to Coinglass. The critical near-term support level holds at $70; a confirmed daily close beneath that threshold could accelerate a move toward the June low near $62.

For Solana's DEX volume to translate into sustained token price appreciation, the market needs to reprice SOL from a speculative altcoin to the native asset of a settlement layer that major financial institutions are actively using. The next catalyst on the calendar is the SEC's review of Morgan Stanley's MSOL filing, which could provide a regulatory signal for institutional capital flows into the ecosystem.

This article is for informational purposes only and does not constitute investment advice.