What’s Happening Beyond the Price Struggles

Solana’s average monthly trading volume has climbed sharply so far in 2025, which reflects continued trader interest and liquidity rotation toward the network despite broader market volatility.

According to CoinGecko’s latest report, Solana’s average monthly trading volume increased to $156 billion in 2025, up from $124.4 billion in 2024, a 25.4% year-on-year rise.

By comparison, Ethereum’s average monthly trading volume rose by 9.7% during the same period, from $603.0 billion in 2024 to $661.8 billion in 2025. This data signals that Solana has outpaced Ethereum in trading volume growth so far this year, although the nominal values remain in favor of Ethereum.

Meme Coins Fuel Record Trading Volumes

CoinGecko said that a metric highlighting this trend is the SOL/ETH trading volume ratio, which averaged 0.236 in 2025, up from 0.206 in 2024. This represents a 14.3% increase. The ratio spiked to a high of 0.298 in January 2025, due to a surge in meme coin activity on the Solana network.

That month, the network recorded $239.4 billion in trading volume, boosted by increased trading of tokens such as TRUMP and MELANIA that attracted retail interest and spurred decentralized exchange activity.

Following January’s spike, trading volumes on Solana cooled as meme coin momentum slowed. Despite this, the SOL/ETH volume ratio remained high compared to the previous year, as it stood at 0.219 by June 2025. This essentially indicates that while speculative trading eased, Solana maintained a higher share of overall crypto trading volume, backed by consistent liquidity and active market participation.

Solana Defies Bearish Trend

CoinGecko observed that the surge in Solana’s trading volumes comes even amidst a challenging market backdrop, with both Solana and Ethereum posting double-digit losses in price during the first half of 2025.

SOL’s price declined by over 19% from January to June, while ETH fell by 25% over the same period. However, the divergence in trading volume growth suggests that Solana’s high-speed, low-cost environment continues to attract traders even during market downturns.

Additionally, the Solana network continues to process over 100 million transactions daily and supports an average of 500,000 active wallets. Protocols such as Jupiter and Meteora appear to be driving user engagement and liquidity on the network. As of June 2025, Meteora alone surpassed $750 million in total value locked.