Solana has recently regained the second position in decentralized exchange (DEX) volumes, sparking interest among traders regarding the potential for its native token, SOL, to recover to the $180 level soon.
DEX activity on Solana reached $64.1 billion over the last 30 days, surpassing Ethereum's $61.4 billion, according to DefiLlama data. While BNB Chain leads with $159.6 billion during the same period, Solana has been gaining market share throughout June. Key contributors to Solana's DEX volume growth include Raydium, with $19.1 billion in volume, followed by Pump.fun with $14.2 billion and Orca at $13.9 billion. However, overall DEX activity on Solana remains 91% below January levels.
Despite this positive development, several factors temper enthusiasm about the potential for a sustained SOL price increase. The appeal of memecoins, which significantly contributed to Solana's earlier popularity, is fading, with most tokens losing 25% or more in value over the past 16 days. For example, Giga dropped 42%, Popcat 35%, Fartcoin and PNUT both 31%, while Bonk and WIF each declined 25%.
Another concern for SOL investors is the rise of Hyperliquid, which has become the dominant blockchain for perpetual trading. This shift has reduced interest in both Ethereum layer-2s and standalone decentralized applications (DApps) on Solana and BNB Chain. Hyperliquid's 30-day trading volume was 84% higher than the combined total of its five largest competitors.
Solana's price has experienced volatility recently. Solana (SOL) has decreased by nearly 21% in the past month due to rising tensions in the Middle East, which triggered selling pressure for cryptocurrencies. However, after a cease-fire agreement between Iran and Israel, the token recovered some losses and is now trading above a key support level at $140.
Technical indicators suggest a potential surge in SOL's price if the $138-$140 support level holds, with a possible rally towards $190-$200 by July. Conversely, failure to maintain the $130 level could lead to a drop towards the next major support at $120.
Looking ahead, analysts have offered various Solana price predictions. If the market favors the bulls, the Solana coin price could breach its current all-time high and head toward a new high of $400. Considering the present market sentiment, the SOL crypto could settle with an average trading price of around $325. By 2026, the potential low price of Solana crypto could be $310, with an average price projected at $410 and a potential high of $510.
Solana's long-term trajectory appears promising, driven by institutional interest and recent ETF filings. Several AUMs, including Invesco Galaxy, filed for spot Solana ETFs in June 2025, indicating growing confidence in SOL's utility and adoption. If ETF approvals come through by Q4, Solana may retest $220 by early 2026.
Currently, Solana's price prediction hinges on its ability to remain above the $143 to $146 zone, which would strengthen the case for continuation, especially with momentum and fundamentals aligning. A decisive close above the channel around $147–$150 is needed to flip the trend convincingly bullish, potentially leading to a move toward the $190 mark.
