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Solana (SOL), a top-tier layer one (L1) chain, has emerged as the top blockchain in decentralised exchange (DEX) volume in March, leading Ethereum (ETH) by 32%.
As of March 26, Solana’s month-to-date DEX volume stood at approximately $49.46 billion, accounting for 26.94% of total reported volume across all networks. Over the same period, the Ethereum network recorded a DEX traded volume of approximately $37.47 billion.
The DEX trading volume of Binance-backed BSC and Coinbase-backed Base reached approximately $25.29 billion and $21.37 billion, respectively, thus their combined total remains below Solana’s figure.
DEX monthly volume for the past two quarters. Source: DeFiLlamaOn a rolling basis, Solana registered a DEX volume of $12.36 billion over the past seven days and $59.94 billion over the past 30 days, comfortably outpacing its nearest competitors.
Top four chains by DEX volume. Source: DeFiLlamaOn Thursday, the top-performing DEXes on the Solana network included Humidifi, Orca, Meteora, Manifest, Raydium, and PumpSwap, which collectively account for the majority of Solana’s on-chain trading activity, per data from CoinGecko.
What’s the impact of the high Solana DEX volume on SOL price?
Although Solana’s DEX volume outshone other chains, it has declined significantly from its peak of $156.20 billion recorded in October 2025. Nonetheless, the network’s sustained DEX activity has helped sustain a steady monthly price rebound for the altcoin.
SOL/USD 30-day chart. Source: FinboldOver the past 30 days, SOL price rallied 13.58% to trade around $87.40 at the time of publication. As a result, the altcoin’s market capitalization rose to approximately $43 billion.
Historically, an increase in DEX volume has been associated with rising demand, which exerts a bullish influence on the native crypto asset and vice versa.
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