SOL chain DEX trading volume for 9 straight weeks is only behind Binance—so why is the price still stuck at $100?
On-chain, Solana’s DEX transaction volume has been crushing OKX, Coinbase, and other centralized exchanges for 9 consecutive weeks. On-chain activity and the coin’s price are severely out of sync.
According to the latest data from Crypto Briefing: Solana’s DEX weekly trading volume has surpassed all major centralized exchanges for 9 straight weeks, ranking only behind Binance. Put simply, among global spot trading, apart from Binance the giant, no other CEX has higher volume than SOL’s chain. The contradiction is that SOL’s current price is only $100.29—still several times away from the previous high. On-chain is hot, but the coin price won’t budge. This is one of the biggest market divergences right now.
In one sentence: More and more people are using Solana, but this wave of attention hasn’t translated into the coin price yet.
Impact on the market
- Short term: Positive for sentiment. SOL is up 5.80% over the past 24 hours, outperforming BTC’s 3.14% and ETH’s 1.05%. Funds are starting to refocus on the Solana ecosystem. On-chain activity reflects real demand, not a storyline generated by wash trading.
- Medium term: Institutions never act on calls and hype; they look at real usage. DEX volume continues to overpower CEX. In other words, on-chain “infrastructure capacity” is proving itself—this will likely drive institutional funds and RWA/payment-type projects to migrate to Solana. The medium-term outlook is favorable.
My view
On-chain volume is a leading indicator, while price is a lagging indicator. In past cases, this kind of divergence usually converges upward—price tends to catch up. After SOL stands above $100.29, if it can hold steady at the $100 round-number support level, the next target would be the tightly trapped zone from the earlier period. Risk points, too, are straightforward: if BTC breaks down below the ~$79,847 area and weakens further, even strong on-chain data for SOL may not be able to withstand broader market weakness—then a sell-off in tandem would be unsurprising. My stance: the data looks bullish, but position timing still needs to follow BTC’s mood.
$BTC $ETH #BTC #ETH
- Asset: BTC
- Direction: Bullish 📈 Predicting an up move
- Duration: 12 hours
📊 Historical backtest
- After similar news like “Luxembourg sovereign wealth fund only selects Bitcoin: ‘There is no second option’” (2025-11-14) was released, BTC’s 12h performance was -2.51%. The bullish expectation was wrong.
- There were 282 bullish-style BTC news items in history. In 122 cases, the predicted direction matched the actual price movement (accuracy: 43%).
$SOL
⚠️ Not investment advice
On-chain, Solana’s DEX transaction volume has been crushing OKX, Coinbase, and other centralized exchanges for 9 consecutive weeks. On-chain activity and the coin’s price are severely out of sync.
According to the latest data from Crypto Briefing: Solana’s DEX weekly trading volume has surpassed all major centralized exchanges for 9 straight weeks, ranking only behind Binance. Put simply, among global spot trading, apart from Binance the giant, no other CEX has higher volume than SOL’s chain. The contradiction is that SOL’s current price is only $100.29—still several times away from the previous high. On-chain is hot, but the coin price won’t budge. This is one of the biggest market divergences right now.
In one sentence: More and more people are using Solana, but this wave of attention hasn’t translated into the coin price yet.
Impact on the market
- Short term: Positive for sentiment. SOL is up 5.80% over the past 24 hours, outperforming BTC’s 3.14% and ETH’s 1.05%. Funds are starting to refocus on the Solana ecosystem. On-chain activity reflects real demand, not a storyline generated by wash trading.
- Medium term: Institutions never act on calls and hype; they look at real usage. DEX volume continues to overpower CEX. In other words, on-chain “infrastructure capacity” is proving itself—this will likely drive institutional funds and RWA/payment-type projects to migrate to Solana. The medium-term outlook is favorable.
My view
On-chain volume is a leading indicator, while price is a lagging indicator. In past cases, this kind of divergence usually converges upward—price tends to catch up. After SOL stands above $100.29, if it can hold steady at the $100 round-number support level, the next target would be the tightly trapped zone from the earlier period. Risk points, too, are straightforward: if BTC breaks down below the ~$79,847 area and weakens further, even strong on-chain data for SOL may not be able to withstand broader market weakness—then a sell-off in tandem would be unsurprising. My stance: the data looks bullish, but position timing still needs to follow BTC’s mood.
$BTC $ETH #BTC #ETH
- Asset: BTC
- Direction: Bullish 📈 Predicting an up move
- Duration: 12 hours
📊 Historical backtest
- After similar news like “Luxembourg sovereign wealth fund only selects Bitcoin: ‘There is no second option’” (2025-11-14) was released, BTC’s 12h performance was -2.51%. The bullish expectation was wrong.
- There were 282 bullish-style BTC news items in history. In 122 cases, the predicted direction matched the actual price movement (accuracy: 43%).
$SOL
⚠️ Not investment advice
