Ethereum Overtakes Solana as Top DEX Chain Amid Market Downturn

• Ethereum DEXes led with $64.62B in March, surpassing Solana’s $52.62B.
• Uniswap led Ethereum’s DEX surge with $30B in volume.

Ethereum has regained its position as the top decentralized exchange (DEX) chain, overtaking Solana for the first time since September. The shift happened in March as bearish market sentiment, especially in the memecoin sector, led to a decline in activity on Solana-based platforms like Raydium and Pump.fun.

Ethereum-based DEXes recorded $64.62 billion in trading volume, beating Solana’s $52.62 billion by 22%, according to DefiLlama. This marks Ethereum’s return to the top, pushing Solana to second place. 

Raydium, Solana’s leading DEX, struggled throughout March. It failed to surpass $1 billion in daily trading volume, a sharp decline from its $13 billion peak on January 18. Additionally, its daily volume averaged less than $100 million, down from $390 million in mid-January. 

The surge in Solana’s DEX activity earlier in the year coincided with the launch of Donald Trump’s TRUMP token. Ethereum’s dominance was driven by Uniswap, which recorded over $30 billion in trading volume. Fluid followed with $9 billion, securing a distant second place. 

Ethereum (ETH) in Today’s Market

Ethereum is currently trading at $1,869.11, with a market cap of $225.52 billion and a 24-hour trading volume of $15 billion, reflecting an 8.12% increase. The market cap ratio stands at 6.67%, indicating solid trading activity. ETH’s price movement shows key support at $1,820, while resistance is forming around $1,900. A breakout above this level could push prices toward $1,950, while a drop below support might see ETH testing $1,780.

The Relative Strength Index (RSI) stands at 51.78, suggesting a neutral market with neither overbought nor oversold conditions. The RSI average remains at 33.56, which previously indicated bearish pressure but has started recovering. The Chaikin Money Flow (CMF) is positive at 0.06, signaling mild buying pressure and potential accumulation.

Moving averages indicate potential shifts. The 14-day RSI moving average is recovering, hinting at a possible trend reversal if momentum strengthens. If moving averages form a bullish crossover, it could support upward movement. 

However, ETH remains susceptible to macroeconomic factors and market sentiment. Ethereum’s return to the top DEX position strengthens its long-term outlook, but short-term price action depends on breaking resistance and sustaining higher trading volumes.