Solana DEX Volumes Lead Market as SOL Price Rallies

Solana's decentralized exchanges have reported spot trading volumes exceeding those of several major centralized platforms for the ninth consecutive week, cementing its position as a leading venue for onchain activity. According to data cited by market trackers, Solana's DEX ecosystem now ranks second only to Binance in weekly spot volume, a sustained performance that underscores its growing influence within the cryptocurrency landscape.

This activity coincides with a significant price rally for the SOL token. Solana is trading above $94, marking a 27% gain over the past week and reaching its highest level in two months. The surge has pushed the asset above key technical indicators, including its 50-day and 200-day exponential moving averages, which now act as support levels. Immediate resistance is noted at the May 11 high of $98.41, followed by the psychologically significant $100 threshold. A decisive daily close above $100 could open a path toward $112.52.

Underpinning the price movement is a wave of institutional interest. Solana-focused exchange-traded funds recorded four consecutive days of inflows last week, totaling $28.34 million. This marked their strongest weekly...