Solana DEX Market Share at 38%, Continues Price Decline

Solana (SOL) has secured the top position in the decentralized exchange (DEX) market with a trading volume market share of 38%, but its price continues to decline. According to data analysis firm CryptoRank, the spot trading volume of Solana-based DEXs reached $14.2 billion in the week leading up to the 25th, accounting for approximately 38% of the total blockchain DEX trading volume of $37.2 billion. However, the total weekly trading volume of the DEX market has decreased by 36.5% from $58.6 billion at the end of August to $37.2 billion. This increase in Solana's relative share is due to a decrease in trading on competing networks. Solana's trading fees are low, meaning that DEX trading volumes do not directly translate into profits, with profits often going to exchanges and trading bots. On the 27th, there was a net outflow of $19.2 million from the U.S. spot Solana ETF, and the price was $101 as of the 27th, down about 15% from $119 at the end of September. The market is watching whether the 50-day moving average of $109 will be recovered as a benchmark for a short-term trend reversal. Solana developers are testing the Alpenglow upgrade, which aims to shorten transaction confirmation times.

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