Solana Could Blast Past The $300 Mark Soon, as DEX Dominance Challenges Ethereum’s Market Share

Key Insights

• Solana has been a major performer in the defi landscape over the last week.
• According to a recent report from OKX, the cryptocurrency has beaten Ethereum and every other chain in terms of DEX trading volumes and other metrics.
• Some of the major contributors to Solana’s success were Jupiter and Pump.fun.
• Solana is currently bullish in the medium to long terms, and could be looking towards a new high of $300 or above soon

Solana has been living up to its “Ethereum Killer” name recently.

This network has now overshadowed the “defi king” in the decentralized exchange (DEX) market, after capturing most of the trading volume over the last five weeks.

A new report from OKX shows that Solana has had some interesting factors fueling its rise, and here’s how this could catapult $SOL towards $300.

Solana’s Rise in DEX Market Share

OKX recently released a report titled “The State of DEXs 2025.”

Within this report, the exchange highlighted Solana’s remarkable performance as of recent.

For example, the report shows that in the last week of December last year, Solana controlled a staggering 89.7% of DEX market share.

Data from Dune analytics shows this move even more clearly, showing that Solana has held more than 50% of total volume consistently over the last five weeks.

This indicates that Solana has been a force to reckon with in the defi space so far.

Interestingly, OKX notes that a major driver of this volume was Pump.fun, which has generated more trading volume than the entire Ethereum network in recent weeks.

This platform has made Solana the “holy grail” for retail traders and memecoin deployers, thanks to its low transaction fees and other factors.

But Why Is Solana Beating Ethereum This Hard?

According to OKX, Solana has been so successful compared to Ethereum, because of several factors:

To begin with, Solana is much faster than Ethereum, and is capable of processing thousands of transactions per second.

Solana also features near-zero fees, which makes it extra-attractive for retail traders.

OKX’s report states that “Solana blows every other chain out of the park” when it comes to transaction fees, transaction count, active wallet addresses, and DEX users. Alongside Pump.fun, Dapps like Jupiter have also shone as a powerhouse of Solana’s DEX volume.

OKX reports that Jupiter (being Solana’s native DEX) played a major role in the chain’s dominance, after capturing nearly 70% of the total DEX volume.

According to data from DefiLlama, this Dapp has processed nearly $40 billion worth of trading volume over the last week, beating competitors like OKX DEX, 1Inch, CoWSwap, ODOS and many more by several orders of magnitude.

Can Solana Take The $300 Zone?

According to CoinMarketCap, Solana is currently up by nearly 4% over the daily timeframe, but is attempting to correct a 1% decline on its weekly chart.

Source: CoinMarketCap

The charts show that Solana is currently bullish on the medium to long terms, as shown by the ascending channel pictured below:

Solana reversed strongly from its initial jump towards the $295 high during the $TRUMP memecoin release on 17 January.

However, this decline has brought the cryptocurrency into a retest of its 50-day EMA as illustrated by the red line.

Source: TradingView

The bulls appear to be present at this price level, and are already pushing Solana upwards at present.

This said, if the bulls continue to push Solana upwards, the cryptocurrency is expected to break above its $295 local high sometime this week, and target higher highs.

Solana hitting $500 during this cycle remains fully achievable.