TLDR
- Solana’s network processed 5 billion DEX trades worth $1.9 trillion in Q1 2024, marking unprecedented growth
- Active user numbers reached 344 million on Solana versus Ethereum’s 82.56 million
- Recent price action saw SOL touch $295 before settling at $243 amid market consolidation
- Despite leading in transactions, Solana’s $11.38 billion TVL remains below Ethereum’s $64.47 billion
- Technical experts point to price compression near all-time highs as potential springboard for future movement
The cryptocurrency landscape has witnessed a remarkable shift as Solana’s blockchain network achieves unprecedented levels of activity in early 2025. Fresh data reveals that Solana processed more than 5 billion decentralized exchange transactions in the past three months, establishing a new benchmark in blockchain performance.
These transaction numbers, verified through Dune Analytics, showcase a volume reaching $1.9 trillion, demonstrating the platform’s growing role in decentralized finance. This figure stands in stark contrast to Ethereum’s $504.83 billion in transaction volume during the same period.
The growth story extends beyond pure transaction counts. Solana’s network has attracted 344 million active addresses, creating a bustling ecosystem that dwarfs Ethereum’s 82.56 million users. This comparison includes activity across all of Ethereum’s Layer 2 networks, including popular solutions like Arbitrum and Base.
Market data reveals an interesting dynamic in the total value locked (TVL) across both networks. While Solana leads in transaction metrics, Ethereum maintains a strong position with $64.47 billion in TVL, compared to Solana’s $11.38 billion, according to Defillama’s latest figures.
The price of SOL has reflected this growing network activity, recently touching a new peak of $295. A subsequent market adjustment brought the price to $243, where it has found stability amid ongoing consolidation.

Technical traders have identified $243 as a pivotal support level for SOL’s price action. Market watchers emphasize the importance of maintaining this threshold to preserve the current market structure. Above current levels, $265 represents the next major resistance point.
Industry analyst Jelle has noted a compression pattern forming around SOL’s previous all-time highs. This technical formation often precedes major price movements, suggesting the potential for renewed momentum once the consolidation phase concludes.
The recent surge in network activity aligns with earlier predictions from November 2024, which suggested Solana’s technical advantages in speed and cost efficiency could lead to increased adoption. Current metrics appear to validate these forecasts.
Institutional interest in Solana has grown alongside its network metrics. Market participants are closely watching developments surrounding potential Solana ETF products, which could further impact the platform’s market position.
The relationship between network growth and price action presents an interesting narrative. The massive increase in transaction volume and active addresses points to genuine adoption rather than speculative activity alone.
Solana’s technical architecture has proven capable of handling sustained high transaction volumes while maintaining competitive fee structures. This capacity has made it particularly attractive for DEX trading activities, as evidenced by the recent transaction statistics.
Price volatility has not deterred network usage, with transaction volumes remaining strong through various market conditions. This resilience suggests that Solana’s growth is driven by practical utility rather than market speculation alone.
The expansion of decentralized exchanges on Solana has created a positive feedback loop, where increased trading activity attracts more users, leading to higher transaction volumes. This network effect has helped establish Solana’s position in the DEX trading landscape.
Market technicians point to SOL’s price consolidation as a natural development following rapid growth. The current trading range suggests a period of price discovery as the market evaluates recent developments.
Recent data indicates that while price movements have shown increased volatility, support at $243 continues to hold. This price stability, combined with growing network metrics, provides context for Solana’s current market position.
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