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Points of Focus
- Solana trades at $113.17 after retreating from this week’s high near $120.
- Solana DEX volume rose 11.5% over seven days to $19.0 billion.
- Perpetual DEX volume fell 31.6% to $8.0 billion as on-chain leverage cooled.
Solana traded at $113.17 on Thursday, extending its retreat from a weekly high near $120 and returning to the area that marked Tuesday’s intraday low. The decline comes as trading activity across Solana’s decentralized markets moves in opposite directions.
DefiLlama data shows DEX volume rising 11.5% over seven days, while perpetual DEX volume fell 31.6% over the same period.
Solana DEX Volume Rises 12% Despite SOL Price Pullback
Solana DEXs processed about $2.5 billion over the latest 24 hours and $19.0 billion across seven days. The weekly increase shows decentralized trading remained active even as SOL gave back part of its recent rally.
The network’s stablecoin market capitalization also rose 4.35% over seven days to about $16.1 billion, increasing the pool of dollar-linked liquidity available across Solana applications. That provides another measure of on-chain activity alongside DEX turnover.
DEX volume still has limits as a SOL price signal. Swap activity doesn’t represent net SOL purchases because users can trade stablecoins and ecosystem tokens without creating equivalent buying pressure for SOL.
Solana Perp Volume Drops 32% as On-Chain Leverage Cools
Solana-based perpetual DEXs recorded about $1.2 billion in 24-hour volume and $8.0 billion over seven days. The weekly total fell 31.6%, creating a clear divergence from the increase in decentralized spot trading.
The decline points to lower activity across leveraged on-chain venues after SOL approached $120 earlier this week. That weakness isn’t visible across the entire derivatives market. CoinGlass data shows more than $10 billion in SOL futures volume over 24 hours, while total open interest remains near $6.9 billion.
SOL Price Retests $113 After Retreat From $120
SOL reached an intraday high of $119.89 on Sept. 21 before the rally stalled. Price fell to $113.17 on Sept. 23 and has now returned to that area, putting the recent low under another test.
The market signals remain split. DEX turnover and stablecoin liquidity have increased, while Solana-based perpetual trading has contracted. Open interest near $6.9 billion also shows that the drop in on-chain perp volume hasn’t been matched by a broad withdrawal from SOL derivatives.
If $113.17 fails to hold, the next recent price reference is the Sept. 21 intraday low at $110.91, about 2% below SOL’s latest quoted price.
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