Key takeaways
Solana is gaining serious momentum, with trading volumes and Open Interest rising sharply. Market conditions remain healthy, and talk of a Solana ETF is adding fuel to the fire. September could be critical.
Solana [SOL] is back in the spotlight.
DEX trading volumes on the network have surged, a clear sign that momentum and activity are heating up fast.
With Ethereum [ETH] still holding the top spot but showing slower growth, the big question for September is simple: can SOL keep this pace and actually outshine ETH?
Solana outpaces Ethereum as ETF hype builds
Solana’s daily DEX volume hit $7.93 billion, nearly doubling Ethereum’s $4.03 billion, with SOL posting an 8% weekly gain while ETH volumes slipped almost 13%.
Source: DeFiLlama
Over the past 30 days, Ethereum still holds the lead at $135.6 billion versus Solana’s $109.6 billion, but the gap is narrowing fast.
Source: DeFiLlama
What could tilt the scales further is the growing speculation around a Solana ETF.
Polymarket now places approval odds at 99%, fueling optimism that institutional demand could accelerate SOL’s momentum.
If approved, the ETF could become a powerful catalyst, putting Solana in a stronger position to challenge Ethereum’s dominance in September.
SOL holds strong despite pullback
Looking at the charts, Solana has managed to stay well in the green this month, still up more than 12% over the past 30 days.
Ethereum, meanwhile, is up a bigger 24%, but the difference isn’t as wide as it once was. SOL saw a sharp rally mid-August before cooling off, while ETH has followed a similar path with slightly stronger upside.
Source: TradingView
Even with the dip in the latest session, Solana’s price trend showed resilience, especially with solid trading activity backing it.
The real test now is whether SOL can sustain this momentum into September, or if ETH’s stronger gains will start to pull further ahead.
OI shows confidence
Open Interest for Solana has climbed back above $6.2 billion; traders are staying active despite the recent pullback in price.
Market participants aren’t shying away; in fact, they’re keeping positions open and looking for the next move.
Source: Coinalyze
At the same time, Funding Rates have held almost flat, which means there isn’t a big tilt toward longs or shorts right now.
Put simply, the market looks balanced.
This kind of setup often points to a healthy trading environment, where momentum can build naturally without extreme leverage.
If Solana keeps this tone, it could give the token the support it needs to keep challenging Ethereum into September.
Source: https://ambcrypto.com/solana-volume-spikes-70-how-sol-could-outperform-ethereum-in-september-2025/
