Solana will add SushiSwap as one of its major DEXs, showing another sign that trading and token-based activity are not damaged by the crypto downturn.
SushiSwap was one of the major DEXs created during the previous bull market, proving a reliable platform for multiple tokens. However, in 2025, the DEX is trying to rebuild its volumes and value locked.
It’s time. Sushi is live on Solana.🍣💚
We are pleased to officially announce the long awaited expansion of Sushi to @solana today!
Powered by @JupiterExchange's Ultra API, users can now seamlessly swap on Solana right from Sushi, swap and bridge cross-chain is live as well.
— Sushi.com (@SushiSwap) February 9, 2026
The DEX carries around $66M in value locked, still producing around $3M in fees annually. In comparison, one of Solana’s leading DEXs, Meteora, has nearly $1B in annualized fees. The inclusion of SushiSwap on Solana may revive the DEX and mark its return as a major player.
Solana remains one of the key venues for bot-based activity, with significant levels of token trading despite the market slowdown. The new DEX addition will also be integrated with the Jupiter aggregator and included in the best swap routes. The Solana-based swaps will be integrated into the SushiSwap interface.
Solana DEX activity hinges on meme tokens
In 2026, Solana DEX activity was driven by PumpSwap, which carried tokens graduating from Pump.fun. The rise of PumpSwap followed a revival in Solana token generation.
Solana DEX activity is more competitive, though PumpSwap and Meteora remain leaders. | Source:
Meteora is the second most active DEX on the network, mostly due to its highly liquid USDC trading pairs. The DEX carries over $430M in liquidity, becoming one of the main venues for SOL and token trading.
Solana remains the most active among L1 and L2 chains in terms of app revenues. Despite the lower liquidity, small-scale, rapid meme activity continues. Solana’s DEX growth also seems more organic compared to EVM L2 chains.
Can SOL recover above $100?
Despite the active app usage, SOL sank to $84.40 as crypto markets remain shaky. Despite the resilient DEX trading, SOL has not shown signs of a fast recovery.
SOL open interest is also close to a six-month low of $2.2B. At this price range, SOL is signaling a wait-and-see attitude, with predictions for a dip to a lower price range. A more lasting SOL recovery is seen as a potential only at prices above $95.
The SOL price weakness is also used to undermine the case for Solana as a network. However, general activity shows Solana retains a mindshare of 9.3%, remaining among the most influential platforms on social media.
Solana on-chain activity is the main competitor to Base as a venue for low-priced assets. Base has started to lag as some of its apps depend on campaigns, rather than organic meme creation. Solana remains the main venue for new tokens, despite the revival of memes on BNB Chain.
