Solana (SOL) Price: Can DEX Volume Records and ETF Demand Push SOL to $200?

Solana's network is hitting new highs—but can the momentum actually crack the $200 barrier?

DEXs on Solana are processing volumes that make some traditional exchanges blush. Record-breaking activity floods the chain daily, proving developers and traders are betting big on its high-throughput future. It's not just hype; it's measurable, on-chain demand that directly fuels the ecosystem's economic engine.

The ETF Shadow Looms Large

Whispers of a Solana ETF have shifted from 'if' to 'when' in many circles. The mere prospect of institutional-grade investment vehicles creates a powerful demand narrative. Traders aren't just buying SOL; they're front-running potential Wall Street adoption, hoping to catch the wave before the suits show up—a classic crypto move of betting on the rumor.

Technical Tailwinds Meet Macro Headwinds

The path to $200 looks clear on a chart, supported by strong network fundamentals. But crypto never exists in a vacuum. Broader market sentiment and those ever-present, unpredictable macroeconomic 'vibes' from central bankers could throw a wrench in the works. Solana must outperform not just its own metrics, but the entire sector's mood.

So, $200? The ingredients are there: blistering tech adoption and a hungry market narrative. But in crypto, as in traditional finance, sometimes the smartest trade is recognizing that past performance is just that—a beautifully crafted story for the next buyer. The chain doesn't lie about volume, but price targets? They're always a gamble.

TLDR

• Solana price rose 4% in 24 hours and over 10% in recent days, currently trading above $137
• Morgan Stanley filed for a Solana Trust ETF with the SEC, expanding institutional crypto exposure
• Solana’s DEX volume hit a record $451.2 billion in 2025, up from $238.4 billion in 2024
• Spot Solana ETF inflows reached a 20-day high of $16.8 million, with total ETF assets at $1.09 billion
• Developer activity peaked with over 42,000 new SPL tokens launched on January 5, 2026

Solana price climbed 4% in the past 24 hours, pushing above $137 after recovering from the $120 support level. The cryptocurrency has gained over 10% in recent days as bullish momentum returns to the market.

The broader crypto market traded 2% higher on the day and 10% higher on the week. This positive trend has given Solana room to extend its recent gains.

Price charts showed SOL holding steady NEAR $137 during Tuesday trading sessions. The MACD indicator turned positive with momentum lines trending upward, suggesting bullish pressure remains intact.

The CMF stayed positive as well, indicating continued capital inflows in the short term. Immediate support sits near $130, where buyers previously defended against price declines.

Institutional Interest Grows

Morgan Stanley submitted an S-1 form to register a solana Trust ETF with the Securities and Exchange Commission. The investment bank manages $6.4 trillion in assets.

The filing represents an expansion of Morgan Stanley’s crypto offerings. Approval from the SEC would mark another step in mainstream institutional adoption of Solana.

Spot Solana ETF products saw their largest single-day inflows in 20 days on Tuesday. The funds recorded $16.8 million in net inflows, according to data from SolanaFloor.

Bitwise BSOL led with $12.5 million in inflows, followed by Fidelity FSOL with $2 million. Total assets in Solana ETF funds reached approximately $1.09 billion, reflecting renewed investor interest.

Record Trading Activity

Solana’s decentralized exchange volume reached $451.2 billion in 2025, setting a new annual record. This figure surpasses all previous years combined since the network’s launch.

BREAKING: In 2025, @Solana’s yearly perpetual DEX volume hit a new all-time high of $451.2B, surpassing the network’s combined perpetual trading volume from all previous years since launch. pic.twitter.com/Ud0O6GuX6s

— SolanaFloor (@SolanaFloor) January 6, 2026

Major platforms like Jupiter and Drift Trade drove most of the volume growth. In comparison, 2024 recorded $238.4 billion in DEX volume, while 2023 saw just $2.38 billion.

Developer Momentum Increases

The Solana network saw the launch of over 42,000 SPL tokens on January 5, 2026. This marked the highest daily token creation rate in nearly four months.

The surge points to increased activity across DeFi, NFT, and memecoin projects on Solana. Developer engagement has remained strong as the ecosystem continues to expand.

$SOL ready for higher pic.twitter.com/OrQZRhzY4h

— Don(@DonWedge) January 6, 2026

An upward break above $150 could open the path toward $180 and $200 resistance levels. A drop below $130 support might lead to further consolidation before the next directional move.