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Solana Hits $185 as Private DEXs and Meme Coin Trading Boost DeFi Activity

Jake Ballard Avatar
Jake Ballard
  • Solana surged to $185 as private DEXs like SolFi, Obric v2, and ZeroFi now dominate its DeFi trading, especially in memecoins.
  • Despite a potential short-term correction, SOL’s bullish momentum suggests a possible move toward $200.


Solana (SOL) briefly topped $185 this week for the first time in nearly three months, signaling a strong shift in market sentiment and a potential revival in its DeFi ecosystem. The price rally, which began in early April from lows near $95, reflects a broader risk-on attitude across the crypto space, bolstered by easing global trade tensions and renewed investor interest.

At the heart of this bullish momentum is Solana’s evolving DeFi landscape, now dominated by private decentralized exchanges (DEXs). According to a new report by Pine Analytics, private DEXs like SolFi, Obric v2, and ZeroFi—accessed exclusively through the Jupiter aggregator—are responsible for up to 60% of all Jupiter-routed trades, with peaks as high as 65%.

Also read: Avalanche (AVAX) Price Prediction: Bulls Target $30 as Breakout Momentum Builds

Unlike traditional DEXs, these platforms operate behind the scenes via smart contracts managing internal vaults. Their key edge lies in tight quoting, reliable fills, and oracle-based pricing models that reduce slippage, particularly during periods of heightened volatility. These characteristics have made them especially popular for trading high-demand pairs like SOL/USDC and SOL/USDT, as well as volatile meme coins such as dogwifhat (WIF) and Bonk (BONK).

However, the dominance of private DEXs has not come without scrutiny. Their opaque structures and anonymous backers have raised concerns around transparency. Looking ahead, Solana’s upcoming upgrades aim to improve the efficiency and composability of public DEXs—potentially disrupting the current private-first trading model.

Technically, Solana appears poised for a breather. Despite the bullish crossover on the MACD, the Relative Strength Index (RSI) remains in overbought territory near 70, suggesting a short-term correction could be on the horizon. Key support levels sit at $162 (200-day EMA), $154 (100-day EMA), and $150 (50-day EMA).

While a dip may be imminent, SOL’s long-term outlook remains bright. If momentum holds, the token could reclaim the $185 level and potentially test $200 in the coming weeks.