$90B DEX Volume, 48% Drop in Value: Is Solana Still a DeFi Powerhouse?

Quick overview

Solana (SOL) coin closed June with a noticeable slowdown in on-chain activity. It has sparked questions about its short-term momentum. As per Blockworks Research, Solana’s Real Economic Value (REV), a measure of true transactional utility, dropped 48% to $63 million. This contraction suggests waning demand, likely tied to decreased trading activity and app usage.

That said, Solana still led the pack in global transaction volume with a 31% market share. It outpaced Tron (28%) and Ethereum (23%), holding its position as the most utilized Layer 1 blockchain. Even with fewer transactions overall, Solana’s dominance in utility-based usage remains clear.

App-generated revenue also fell, declining 38% to $150 million in June. Still, Solana-based applications accounted for 35% of all blockchain app revenues—twice the share of Binance Smart Chain, which held 17%. This speaks to the ecosystem’s resilience and its ability to generate meaningful fee-based income even during lower-activity cycles.

DEX Activity Cools, Meme Coins Dominate

Solana’s decentralized exchange (DEX) volumes also declined by 35% month-over-month to $90 billion. That drop may look steep, but it’s still 50% higher than June 2023, suggesting Solana’s DeFi sector is expanding year over year.

One interesting twist: meme coins accounted for 61% of all DEX volume in June. This dominance highlights how retail traders continue to drive network activity, even when larger players step back.

Key June Metrics:

• Real Economic Value (REV): $63M ↓ 48%
• App Revenue: $150M ↓ 38%
• DEX Volume: $90B ↓ 35%
• Meme Coin Share of DEX Volume: 61%

Institutions Keep Buying as Technicals Hold

Despite the dip in network activity, institutions aren’t backing away. DeFi Development Corporation (DFDV) scooped up 17,760 SOL following its $112M private raise, bringing its holdings to 640,585 SOL. With an added $97.3M in staking rewards, DFDV continues to double down on Solana’s long-term potential.

Technical analysis also shows support remains firm. SOL is trading at $150.77, clinging to an ascending trendline from the June 20 low. The price sits just below the 50-period EMA ($151.21), and although a bearish MACD crossover hints at short-term weakness, the overall trend remains bullish.

Trade Setup to Watch:

• Entry: $149–$151 if bullish candle forms
• Targets: $156.58, then $163.86
• Invalidation: Close below $145.50
• Bias: Bullish while above trendline

In short, while June metrics cooled off, institutional interest, continued dominance in utility, and a strong technical base suggest Solana isn’t losing its shine—just taking a breather.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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