Beyond the Headlines: Solana's DEX Dominance Continues, But All Eyes Are on the Imminent US Staking ETF Approval

Solana (SOL), the high-performance blockchain, is consistently at the forefront of innovation and market activity. While recent claims of its decentralized exchange (DEX) volume doubling in just a single day might be an overstatement based on current data, Solana undoubtedly maintains a commanding presence in the DEX landscape. It has consistently outperformed rivals like Ethereum in 30-day DEX volume. More critically, the last 24-48 hours have brought monumental news signaling the imminent launch of a groundbreaking Solana staking ETF in the United States. Currently trading around $144.84 USD (as of June 29, 2025, 2:00 PM WIB), Solana is at a pivotal moment, balancing its strong DEX performance with the anticipation of a major institutional catalyst.

1. Solana's DEX Dominance: A Closer Look at the Volumes

While a direct doubling of DEX volume in a single day is not reflected in the latest figures, Solana has consistently showcased robust trading activity on its decentralized exchanges over longer periods, notably surpassing Ethereum.

  • Consistent High Volume: According to DefiLlama data (as of June 29, 2025), Solana's 24-hour DEX volume stands at $1.632 billion. While this is a strong figure, it's not double its previous day's volume. However, its 30-day DEX volume has reached an impressive $94.8 billion, significantly outpacing Ethereum's $64.8 billion in the same timeframe and securing Solana's position as the second-largest blockchain by DEX volume, behind only BNB Chain.

  • Key Platforms Driving Volume: This substantial volume is primarily driven by leading DEXs on Solana. Over the past 30 days, Raydium ($18.865 billion), Pump.fun ($13.962 billion), and Orca ($13.784 billion) have been the top contributors, collectively accounting for a significant portion of Solana's DEX activity. These platforms leverage Solana's high speed and low transaction fees to facilitate efficient trading.

This sustained high volume underscores Solana's appeal for rapid, cost-effective on-chain trading, particularly attractive for memecoin surges and speculative activity, although the memecoin segment itself has seen a slowdown recently.

2. The Game Changer: Imminent US Solana Staking ETF Launch!

The most impactful and breaking news for Solana in the last 24 hours is the confirmation of an imminent launch for a Solana staking Exchange-Traded Fund (ETF) in the United States.

  • "All Systems Go": ETF analyst Eric Balchunas (Bloomberg) announced via X (formerly Twitter) on Friday, June 28, 2025, that it appears to be "all systems go for imminent launch" for a Solana staking ETF by REX Shares. REX Shares reportedly filed an updated prospectus that has "totally filled in" all feedback from the US Securities and Exchange Commission (SEC).

  • SEC's Comfort with Staking: This development is particularly significant because it suggests the SEC is now "comfortable" with the unique structure of this ETF, which includes a staking component. Traditionally, staking in crypto ETFs has been a point of contention for regulators. REX Shares reportedly used a "very rare" c-corp business structure for its fund, allowing it to bypass the standard 19b-4 filing process used by most other ETF providers for staking products.

  • Yield Generation: The REX-Osprey SOL and staking ETF is designed to track Solana's performance while also generating yield through on-chain staking. This "new era of yield-generating crypto exposure" (as described by REX Shares) is a major draw for institutional and retail investors, as it combines market exposure with potential passive income. BlackRock's head of digital assets, Robbie Mitchnick, had previously acknowledged that their Ether ETF was "less perfect" without staking.

  • Market Impact: The launch of the first US Solana staking ETF is a monumental step for institutional adoption. It provides a regulated and yield-bearing investment vehicle for a major altcoin, potentially unlocking significant capital inflows from investors who prefer regulated products and seek passive income from their crypto holdings.

This imminent launch is a stronger bullish catalyst than recent daily volume fluctuations, signaling a new level of mainstream acceptance for Solana.

Despite the positive ETF news and high DEX volumes, Solana's ecosystem is also navigating some complexities.

  • Overall Network Activity Decline: While DEX volume is high, overall network activity on Solana (beyond just DEXs) has reportedly plunged by 91% from its peak in January 2025. This indicates that the broader engagement with the network's various dApps and functionalities has slowed down, raising questions about diversification beyond trading.

  • Memecoin Segment Slowdown: The memecoin fever that largely fueled Solana's earlier surges has cooled significantly. Most major Solana memecoins have lost 25% or more of their value in the past two weeks, impacting speculative activity and overall network demand.

  • Rise of Competitors: The emergence of platforms like Hyperliquid as a dominant force in perpetual futures trading (reportedly 84% higher 30-day volume than its next five competitors combined) poses a challenge. This shift has drawn some attention away from Solana's derivatives market.

  • However, Solana's core strengths remain undeniable:

  • Robust Infrastructure: Its high scalability, low transaction fees, and fast processing speeds (thousands of transactions per second) continue to attract developers and users.

  • Native Asset Collateralization: Solana's base layer supports native asset collateralization, a key feature for DeFi protocols.

  • No Off-Chain Matching Engine: This structural advantage helps protect DEX users from unfair transaction reordering or prioritization (MEV attacks).

Growing TVL: Despite the overall network activity dip, Solana's Total Value Locked (TVL) in DeFi has surged by 14% over the past month, reaching $11 billion, indicating sustained confidence in its DeFi protocols.

4. Price Action and Technical Outlook

Solana's price has shown resilience in the face of broader market volatility, now positioning itself for potential upside driven by the ETF news.

Current Standing: SOL is currently trading around $144.84 USD.

  • Technical Signals: Analysts are observing bullish signs. SOL has successfully retested the $147 resistance zone and is now looking to convert it into support. A confirmed breakout above this level could propel it towards immediate targets of $151.20, $153.70, and $155.80. Some more ambitious targets suggest a return to $180 even before the October SEC decision for a spot ETF.

  • Market Sentiment: The imminent staking ETF launch is likely to create significant positive sentiment, potentially overriding some of the concerns about declining network activity or memecoin slowdowns in the short to medium term.

Conclusion: Solana's Evolution Towards Institutional Prominence

Solana is demonstrating a complex but compelling narrative in the current crypto landscape. While its DEX volumes continue to hold a strong position, outpacing Ethereum over 30 days, the recent headline-grabbing news is the imminent launch of a groundbreaking US Solana staking ETF. This development, combined with strategic whale activity and reinforcing technical signals, indicates that Solana is rapidly solidifying its appeal to institutional capital. Despite challenges in overall network activity and the memecoin sector's slowdown, Solana's core technical strength and its new pathway to regulated, yield-bearing investment through ETFs position it for a significant new phase of growth and adoption. The coming days and weeks will be crucial as this new institutional chapter for Solana officially begins.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk and volatility. Always conduct your own research (DYOR) and consult a professional financial advisor before making any investment decisions.