$SOL The trade is showing significant strength in its on-chain component. Some of the available liquidity translated into better prices for $SOL.
$SOL has a significant presence on decentralized exchanges. Solana’s proprietary trades offer some of the best prices in the market, an improvement over centralized price discovery.
Native Solana trading competes with the largest exchanges, such as Binance and OKX, to offer the best price. The arbitrage is unstable, as DEX trading often switches positions with centralized markets.
Prop AMM increases Solana volumes
Nevertheless, native is decentralized $SOL trading has sufficient market depth and often exceeds prices quoted on centralized exchanges. The main reason behind the improved price discovery is proprietary automated market makers (Prop AMM), specialized liquidity pools that provide efficient trading at specific price ranges.
$SOL on-chain trading often offers better prices than top centralized exchanges. The main reason is Prop AMM, specialized decentralized exchanges with deeper liquidity. | Source: Dune Analytics.
Over the past month, the Prop AMM exchanges took over, offsetting some of the lagging DEX volume. The space became more competitive with new launches, leading to improved liquidity for $SOL.
$SOL deals with price deviations on other chains
Some on-chain trading platforms are not that efficient. WSOL, the packaged version of $SOL on Ethereum, Base and BNB Chain, trades within a vastly different price range.
WSOL ranges between $102 and $95 depending on the chain. Unfortunately, these markets offer limited arbitrage opportunities as some are extremely illiquid. These chains also entail additional trading and bridging costs.
The Solana Network is currently evaluating the use cases and role of $SOL. DEXs are still important, although overall trading volume has fallen by almost 90% since October 2025.
What will $SOL Treasury companies do in a bear market?
$SOL is seen as a leading indicator of crypto sentiment. The token reflects the sentiment of retail traders, on-chain risk takers and new tokenization trends.
Currently, the treasury entities own more than 20 million $SOLwithout months of net changes in their government bonds. The government bond companies are not yet selling and approximately 50% of the government bonds are invested.
One of the options is to tap natively $SOL strike as a source of liquidity. This would encourage large entities and government bond holders to maintain their stakes, while reviving DeFi activity on Solana.
Jupiter recently introduced a new tool that can tap into all native stakes $SOL like a liquid sign.
$30 billion of it $SOL is naturally expanded.
The largest pool of capital on Solana, which produces returns but does not have access to DeFi.
That changes today.
Introducing Native Staking as collateral, now live on Jupiter Lend 👇 pic.twitter.com/rpL2xk3e04
— Jupiter (@JupiterExchange) February 16, 2026
The new liquidity option will be available to all Solana validators from the Jupiter app. While some DAT companies have stepped up $SOL in liquid staking protocols, native staking has remained tied to the base return from block rewards and fees. Jupiter has unlocked additional value on Solana while also maintaining the passive income and security of native staking.
Historically $SOL is known for long bear markets, with silent accumulation. This time, $SOL is trading at a higher base level, but it still raises the issue of whale owners liquidating some of their positions.