Solana Plans Hold Firm Despite DEX Slowdown as SOL Eyes Key Support

Recent data suggests that Solana could be facing short-term price pressure, with declining decentralized exchange activity increasing the chances of a pullback toward the $75 level. However, beneath the surface, the network’s fundamentals continue to tell a more resilient story.

A notable drop in DEX volumes has weighed on sentiment. Monthly trading activity on Solana slipped to $55.5 billion, marking its lowest level since late 2024. This slowdown has directly impacted network fees, which fell to $18.5 million in March—a sharp decline from January’s $30 million peak. Since DEX usage is a primary driver of on-chain revenue, this cooling trend has raised concerns among traders.

At the same time, competition is intensifying. Ethereum has been steadily gaining ground, largely fueled by the rapid expansion of its layer-2 ecosystem. Networks like Arbitrum, Optimism, Polygon, and Base have collectively boosted Ethereum’s share of DEX activity to 42%, up significantly from earlier in the year. This growing dominance is putting pressure on Solana’s market position as traders watch whether SOL can hold the critical $80 support zone.

Despite these headwinds, Solana’s broader ecosystem remains a bright spot. The network continues to outperform rivals when it comes to high-earning decentralized applications. In the past 30 days, Solana hosted more DApps generating over $1 million in revenue than any competing chain, outpacing even Ethereum.

Projects such as Helium Network and emerging protocols like ORE Protocol highlight ongoing developer interest and user engagement. This consistent revenue generation signals that, while trading activity may fluctuate, the underlying demand for Solana-based applications remains strong.

Even when comparing total value locked, where Solana sits at $6.3 billion versus Ethereum’s $54.1 billion, the network has recently managed to generate higher fee revenue over a 30-day period. This suggests efficiency and user activity that extend beyond simple liquidity metrics.

In the near term, SOL may still face volatility, especially if DEX volumes fail to recover. But the strength of its application layer provides a meaningful cushion, indicating that any downside move may be driven more by market cycles than by weakening fundamentals.