Solana Surpasses $3 Trillion DEX Volume Amid Bullish Setup
Solana's decentralized exchange (DEX) volume has surpassed $3 trillion, marking another milestone for the network. This comes as Solana is set to implement its second wave of rent reduction program on mainnet in a few hours, making an additional 612,000 SOL reclaimable. The total reclaimable amount will rise to 918,000 SOL across all five steps, worth approximately $319 million.
The timing of the rent reduction coincides with a surge in tokenized equity supply on Solana, which has hit a record $684 million, a 47% increase over just three weeks. This growth is part of an already busy week for the network, with several ecosystem developments taking place.
StonkFun has flipped PumpFun in launchpad revenue and is now targeting Robinhood's Pons, while World went offline due to unprecedented website traffic following its launch. BulkTrade outpaced Hyperliquid and Lighter in first-day volume as its mainnet beta went live, and Solana Mobile announced $135,000 in prizes for its CLOCK IN hackathon targeting new Seeker apps.
An analyst noted that SOL has formed a bull flag, suggesting a potentially bullish setup if the token breaks and reclaims $105. If this happens, the bullish scenario points towards a move to $150, a sizeable jump from the key level. However, confirmation is still needed as a failure to reclaim $105 would leave the bullish case unconfirmed.
Another development involves Sunrise bringing $PEAQ to Solana as 3.3 million machines begin bonding tokens under its new economic model. Taken together, these factors give Solana plenty to watch for in terms of price action and ecosystem growth.