Data from DeFiLlama shows that the TVL on Solana has risen to 80.27 million SOL. This marks the second time in history that the TVL has risen past 80 million, suggesting that a significant number of SOL tokens are being locked on the network. The surging TVL is bullish for Solana because it reduces the number of tokens available for sale on exchanges. Therefore, if the demand returns now, the price of Solana will likely rise fast.
However, given the recent drop in SOL’s price, the TVL in USD terms has fallen to $6.24 billion. This is notably lower than the $51 billion TVL on the Ethereum network, but higher than BNB Chain’s $5.37 billion. It is important to note that Solana has been leading the decentralized exchange (DEX) space for months. At press time, Solana accounted for 60% of all DEX volumes, per DeFiLlama, notably higher than Ethereum’s 38%.
Data from SoSoValue shows that institutional interest in Solana remains high despite the broader market pullback caused by surging selling pressure. For the last three consecutive weeks, SOL ETFs have recorded inflows, making it the only ETF on Wall Street to do so. The divergence between Solana and the other crypto ETFs suggests that institutions may be buying the dip in SOL. At press time, Solana was trading at $78, up 0.06% intraday.
Leave a Reply