Solana DEX Lead
Solana Reclaims DEX Lead Amid Network Growth and Technical Upgrades
Anonymous
Key Points
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The Transaction V1 upgrade remains backward-compatible with legacy transaction formats, but some wallets and data providers may need updates to correctly read the new format.
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The larger transaction capacity could reduce costs and confirmation delays for complex operations by allowing developers to combine work that previously had to be split across multiple transactions.
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The recent market rebound followed a Federal Reserve rate increase of 25 basis points to a 3.75%–4.00% target range, after which some event-risk premium eased once the decision was known.
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Solana’s spot ETFs reportedly held about $1.3 billion–$1.4 billion in net assets, with cumulative inflows above $200 million during the preceding month, despite a sharp weekly decline in new inflows from roughly $154 million to about $6 million.
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Technical analyst Ella identified $98.50–$100 as the key support band, while a daily close below $98 could send SOL toward $94.50–$96; sustained daily acceptance above $106 could instead target $109–$110.50.
Solana has reclaimed the lead in decentralized-exchange trading with $1.64 billion in 24-hour volume, surpassing Robinhood Chain, Ethereum, and BNB Chain CryptoNews. The comeback came after Robinhood Chain briefly took the top spot following its July mainnet launch. SOL rebounded 3% to 5% to around $101 to $105 after regulatory uncertainty and Federal Reserve rate increases eased CryptoTimes.
Solana's upgrade engine is firing on all cylinders. The Transaction V1 upgrade launched September 15, tripling maximum transaction size from 1,232 to 4,096 bytes. This change lets developers pack complex operations—like zero-knowledge proofs and multisignature transactions—into a single transaction, cutting costs and delays CryptoNews.
Transaction V1 Opens New Room for Complex Operations
The upgrade is backward-compatible, meaning old transaction formats still work. But wallets and data providers need updates to read the new format correctly Crypto.news. Developers can now combine work that previously required multiple transactions into one atomic operation. This cuts failed transactions and staging costs without raising the network's speed or compute limits.
DEX Volume Remains Below Historical Average Despite Lead
While Solana reclaimed the top spot, total combined daily activity across major blockchains sits 36% to 37% below last week's average CoinMarketCap. This suggests the DEX rebound is more about market rotation than organic expansion. Ethereum recorded $721.6 million in 24-hour volume, while BNB Chain posted $659.41 million. The broader crypto market cooled after regulators rejected a key CLARITY Act procedural vote.
ETF Flows and On-Chain Revenue Prop Up Solana Fundamentals
Solana's spot ETFs hold $1.3 billion to $1.4 billion in net assets, with monthly inflows topping $200 million CoinMarketCap. However, weekly inflows have dropped sharply from $154 million to just $6 million. On-chain revenue rose to $327 million in the third quarter so far, up from $265 million in Q2. These metrics show durable institutional interest despite slower day-to-day fund flows.
Technical Resistance Holds SOL's Near-Term Rally in Check
SOL bounced off a 24-hour low of $96.23 to reclaim the $100 level Crypto.news. Technical analyst Ella pinpoints $98.50 to $100 as critical support and $103 to $106 as resistance. A daily close above $106 could push SOL toward $109 to $110.50. A breakdown below $98 risks a drop to $94.50 to $96. The Federal Reserve's 25-basis-point rate hike to 3.75% to 4.00% eased event-risk premiums and helped fuel the rebound.
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