Solana Gains Ground Against Established Exchanges as On-Chain Liquidity Surges

Solana CRYPTO000SOL

Solana begins 2026 with a bold challenge to the traditional financial arena. In 2025, the network handled a level of spot trading volume that outpaced Coinbase and Bybit, setting the stage to close in on market leader Binance. While the price has clawed back important technical levels, the data point to a broader shift: liquidity is moving decisively onto the chain, pressuring centralized venues.

A structural reorientation in market activity is driving renewed interest in Solana. Figures for 2025 show spot trading volume on the network reaching $1.6 trillion. In direct volume terms, Solana now trails only Binance among major venues. Over the past three years, Solana’s share of global crypto spot activity climbed from about 1% to an impressive 12%.

The on-chain dominance is especially pronounced on decentralized exchanges (DEX). Solana’s recent DEX trading volume of around $101 billion surpassed the combined activity of Ethereum and the BNB Chain, underscoring traders’ preference for Solana’s speed and lower costs. This liquidity shift is gradually drawing activity away from traditional order books.

Institutions warming to Solana

The trend is being bolstered by rising institutional interest, which helps stabilize the ecosystem. Assets under management in Solana spot ETFs have surpassed $1 billion. Since October, net inflows into these products totaled about $774 million. Analysts interpret these steady inflows as evidence that large investors are accumulating at current price levels despite intermittent selling pressure.

The Alpenglow upgrade on the horizon

Technically, Solana is preparing for the planned Alpenglow upgrade, slated for mid-2026. The upgrade aims to boost transaction speed and reduce finality to roughly 100–150 milliseconds, reinforcing Solana’s edge in high-frequency trading.

Price picture brightens

The price action reflects the renewed strength underneath. Solana is trading around $135.54, breaking above the critical support at $120 and ending the October-to-now downtrend. On a weekly basis, the token has gained about 8%. The RSI sits at 40.2, indicating the market isn’t overbought and may have room to continue higher.

Market sentiment across the broader space has improved, moving away from fear. Looking ahead, investors will be watching whether Solana can sustain its substantial liquidity advantage versus Ethereum and Layer-2 rivals. If the on-chain activity and ETF inflows hold, the combination could support a more durable move higher.