- Solana’s monthly trading volume rose by 25.4% to $156B in 2025, outpacing Ethereum’s 9.7% growth over the same period.
- The SOL/ETH volume ratio peaked at 0.298 in Jan 2025, driven by meme coin frenzy and Solana’s DEX activity.
- Despite a 19% price drop in Q1 2025, Solana saw over 100M daily transactions and strong DeFi engagement, led by Meteora and Jupiter.
Solana’s trading activity has picked up pace in 2025, outpacing Ethereum’s volume growth and narrowing the gap in overall usage. According to CoinGecko, Solana’s average monthly trading volume rose by 25.4%, reaching $156.0 billion, up from $124.4 billion in 2024.
In contrast, Ethereum only recorded a 9.7% increase over the same period, from $603.0 billion to $661.8 billion. Despite Ethereum retaining a larger nominal volume, Solana’s faster growth shows a shift in trader engagement toward its ecosystem.
SOL to ETH Volume Ratio Reaches New Highs in Early 2025
The ratio between Solana and Ethereum trading volumes has changed substantially over the past year. CoinGecko reports that the SOL/ETH volume ratio rose from 0.206 in 2024 to 0.236 in 2025, an increase of 14.3%.
Notably, this ratio peaked at 0.298 in January 2025, supported by increased activity on Solana. That same month, Solana recorded $239.4 billion in trading volume, a notable surge from its average.
This spike aligned with the launch of high-profile meme tokens, including TRUMP and MELANIA, which drew strong retail interest. The spike in meme coin trading drove demand on Solana’s decentralized exchanges, temporarily raising the network’s market share. However, trading volumes have cooled since then, with the SOL/ETH ratio sliding to 0.219 in June 2025.
High Volumes Persist Despite Market Declines
Solana’s rising trading volumes occurred amid a broader downturn in crypto prices. Both SOL and ETH saw notable price drops during H1 2025.
According to CoinGecko, SOL fell by 19% from January to June, while ETH dropped by 25% in the same period. Despite the bearish trend, trading activity on Solana remained high, indicating continued market engagement.
The Solana network processed over 100 million transactions daily and maintained around 500,000 active wallets through this period. This consistent activity contributed to its sustained trading volumes, even as market sentiment weakened.
DeFi Platforms Boost Solana’s On-Chain Activity
Key Solana-based protocols have supported the network’s liquidity and usage throughout 2025. Notably, Meteora surpassed $750 million in total value locked (TVL) as of June 2025. Jupiter, a leading DEX on Solana, continued to lead in daily volume, showing Solana’s position in decentralized finance.
Meanwhile, ecosystem growth has been driven by ongoing protocol launches and network incentives. Solana’s infrastructure has supported new memecoins, DeFi applications, and high-speed transactions, helping it retain user activity during volatile months.
Solana’s rising trading share, increased protocol usage, and steady user base indicate a growing challenge to Ethereum’s dominance. While Ethereum still leads in total volume and TVL, Solana’s trading metrics suggest a narrowing gap that may continue reshaping market outlook.
