Solana DEXs Out-Trade NYSE as SOL Hits $115
Solana (SOL)
Editor:
Eugene Serbin
Startupfortune.com reports that Solana's decentralized exchanges processed more individual trades last week than the New York Stock Exchange, marking the first time a blockchain has out-traded the historic exchange. Between September 14 and 20, Solana platforms logged roughly 208 million spot trades, surpassing the NYSE's 189 million by a 19-million-trade gap. This volume was driven by 24/7 platforms like Jupiter, Raydium, and Orca, which attracted bots and retail traders rather than just human desk traders.
Jupiter alone processed over 80 million trades in the month, up 38% from the previous month, while Solana's weekly trade count reached 88% of Nasdaq's volume. However, trade count differs from trade value; Solana moved $17.3 billion that week, whereas the NYSE moves that amount in hours via large block trades. The comparison highlights a shift in frequency over scale, with Solana winning on low fees and instant settlement.
Meanwhile, Robinhood Chain processed $1.01 billion in tokenized stock trades over a weekend, competing with Solana for volume supremacy. Bitcoin trading near $86,000 and a Fear and Greed Index of 71 have fueled retail money flowing into Solana's low-friction venues. Solana now controls roughly 95% of the global on-chain tokenized stock market following a recent SEC exemption. This milestone serves as a bullish talking point for the fourth quarter as the network continues to close in on major traditional exchanges.
How the market reacted
Whalio's own Binance spot order flow for SOL, measured when this story was written up on 24 September 2026. Not the outlet's figures.
SOL is trading at $114.99 with a 24-hour buy ratio of 45.6%, indicating that selling pressure is currently outweighing buying interest. The 1-hour and 4-hour buy ratios are slightly higher at 48.0% and 48.3% respectively, suggesting a marginal stabilization but not a reversal of the dominant sell-side flow. Volume Delta metrics show negative values across all timeframes, with a significant -$36.7 million delta over the last 24 hours, confirming that net selling is driving the price action. The Cumulative Volume Delta (CVD) closed at -$39.2 million, reinforcing that sellers have been in control for the majority of the day. With only 6 out of 24 hours showing net buying, the current session is characterized by persistent distribution rather than accumulation.
The latest daily buy ratio of 48.8% sits at the 27th percentile of the last 322 days, against a median of 50.0% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for SOL, averaged over the days leading up to the story.
Over the preceding week, SOL averaged a 51.0% buy ratio, making today's 45.6% reading notably weaker than the recent trend. While spot volume has increased to 1.26 times the weekly average, the decline in the buy ratio by 5.4 points suggests this volume is being met with stronger selling pressure. The preceding eight days saw a +$29 million total Volume Delta and a +16.6% price increase, contrasting sharply with today's negative delta and lower buy ratio. This indicates that while the coin remains in an uptrend, today's trading activity is an unusual deviation from the previous week's consistent net buying behavior.