Solana (SOL) Price: Network Achieves Second-Highest Spot Volume Behind Only Binance

TLDR

• Solana recorded $1.6 trillion in on-chain spot volume during 2025, ranking second only to Binance and surpassing major centralized exchanges like Coinbase, Bybit, and Bitget.
• Solana’s market share of total spot activity jumped from barely 1% three years ago to 12% as of January 4, 2026, according to Jupiter data.
• Stablecoin supply on Solana has grown substantially since early 2024, creating a feedback loop where liquidity attracts trading volume.
• SOL price pushed above $130 and is trading around $135, with technical indicators including RSI at 58 and a positive MACD flip showing upward momentum.
• The price is consolidating above the 100-hourly simple moving average with immediate resistance at $138 and major resistance at $140-$145.

Solana has achieved a major milestone in trading activity during 2025. The blockchain network recorded $1.6 trillion in on-chain spot volume over the year, placing it second only to Binance among all trading platforms.

The shift represents a dramatic change from just three years ago. Back then, Solana accounted for barely 1% of total spot trading activity across the market.

By January 4, 2026, that figure reached 12%, according to data from Jupiter. The network now processes more spot volume than centralized exchanges including Coinbase, Bybit, and Bitget.

The transition has happened gradually. Liquidity has been flowing toward networks that offer faster transaction speeds and lower costs. Solana fits both criteria.

The data raises questions about where genuine market activity is happening. Even Binance’s market dominance has narrowed as trading becomes more spread out across different platforms.

Stablecoin Growth Fuels Trading Activity

Ethereum still holds the largest share of stablecoin supply across blockchain networks. However, a clear redistribution has been taking place since early 2024.

Solana’s stablecoin supply was negligible a few years ago. It has climbed steadily alongside the rise in on-chain trading volumes.

Tron remains another major hub for stablecoins. Newer networks are starting to close the gap as well.

Stablecoins serve as the primary fuel for spot trading. As more capital settles on chains like Solana, a self-reinforcing pattern emerges. Liquidity attracts trading volume, and volume helps keep liquidity stable.

Price Action Shows Upward Movement

After weeks of consolidation, SOL has pushed back above the $130 level. The move helped recover ground lost during the pullback at the end of 2025.

SOL started a fresh increase after settling above the $125 zone. The price climbed above $130 and then broke through $132 resistance.

Bulls pushed the price above $135. The cryptocurrency is now consolidating gains above the 23.6% Fibonacci retracement level of the recent upward move from the $123 swing low to the $138 high.

The RSI indicator sits around 58, suggesting room for continued upward movement. Price has also pushed above the 20-day moving average and is pressing toward the mid-range of the Bollinger Bands.

The MACD has flipped positive as well. These technical indicators together point to strong upside momentum with a setup that favors follow-through.

Technical Levels to Watch

Solana is trading above $135 and the 100-hourly simple moving average. A bullish trend line is forming with support at $135 on the hourly chart.

On the upside, the price faces resistance near $138. The next major resistance sits at the $140 level. Main resistance could be $145.

A successful close above the $145 resistance zone could set the pace for another steady increase. The next key resistance is $150, with any further gains potentially sending the price toward $155.

Initial support on the downside is near the $134 zone and the trend line. The first major support is near the $130 level and the 50% Fibonacci retracement level.

A break below the $130 level might send the price toward the $128 support zone. If there is a close below $128 support, the price could decline toward $120.

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