Solana's DEX marketshare surpasses Ethereum's, but SOL price fails to increase

From Cointelegraph

June 27, 2025 5:09 PM:

Solana’s DEX volume surpassed Ethereum’s, raising questions about SOL’s potential to reclaim $180. Despite Hyperliquid’s dominance in perpetual futures trading, SOL declined 15% since failing to reach $168. DEX activity on Solana reached $64.1 billion, surpassing Ethereum’s $61.4 billion but remaining 91% below January levels.

The memecoin sector on Solana saw significant losses in the past 16 days, with tokens like Giga and Popcat dropping 42% and 35% respectively. Hyperliquid’s rise as the dominant blockchain for perpetual trading has reduced interest in Solana’s DApps and Ethereum layer-2s.

Hyperliquid’s trading volume was 84% higher than its competitors, leading to speculation about other projects launching independent blockchains. Traders’ confidence in Solana as a dominant player has weakened, evident in a decrease in demand for leveraged long positions in SOL in derivatives markets.

Perpetual futures for SOL show no sustained optimism over the past 30 days, signaling bearish sentiment. The approval of a Solana ETF by the US SEC in October remains a potential catalyst for SOL’s price recovery, but until then, bulls are relying on the network’s technical strengths.

Read more at Cointelegraph: Solana Gains DEX Marketshare But SOL Price Fails To Follow