- Solana posted $124B in DEX volume in July, surpassing Ethereum for the 10th straight month.
- Developer adoption surged, with 40% of new founders choosing Solana in early 2025.
- SOL price holds above $205, with bullish targets pointing to $215, $228, and even $300 ahead.
Solana just notched another major win in the DeFi race, outpacing Ethereum in decentralized exchange (DEX) volume for the tenth month in a row. According to SolanaFloor, July’s DEX volume on Solana hit a massive $124 billion, marking a 42% growth over Ethereum’s share. It’s a signal that Solana isn’t just catching up—it’s setting the pace in an area once dominated by ETH.
Developer Migration Fuels Solana’s Rise
One big driver behind this surge is the wave of developers moving onto the Solana blockchain. Alliance DAO data shows that in the first half of 2025, over 40% of new founders picked Solana, up from just 25% the year before. That shift isn’t random. Solana’s low fees and lightning-fast throughput make it perfect for projects that need speed and scalability, while Ethereum continues to wrestle with congestion and higher costs. The developer base is a critical piece of any blockchain’s future, and right now, Solana’s pulling talent in at record levels.
Price Action Holds Strong Above $205
From a price standpoint, SOL has been holding steady above the $205 mark after a strong breakout earlier in the week. The 20-day SMA around $191 has acted as reliable support, keeping sentiment stable. Technical indicators also look bullish—the MACD is printing green bars, hinting that upward momentum is still in play. Traders are now watching $215 as the next big resistance. A clean break could open the door to $228 and eventually $240 if buying pressure continues.
Outlook: $300 in Sight?
Market watchers like Kamran Asghar believe Solana is entering a more mature growth phase, with price targets stretching toward $300. Rising trading volumes, steady developer inflows, and dominance in DEX activity all paint a bullish picture. Of course, the $200 level remains a crucial line in the sand—dip below it, and SOL could retest support at $191 before making another push. But as long as it stays above trend, Solana’s case for further upside looks strong.
