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Solana Network TVL reaches record highs
DeFiLlama data shows that the TVL on Solana has increased to 80.27 million SOL. This is the second time in history that the TVL has risen above 80 million, indicating that a significant number of SOL tokens are locked on the network.
The rising TVL is bullish for Solana as it reduces the number of tokens for sale on exchanges. If demand returns now, Solana’s price is likely to rise quickly.
However, given the recent decline in the price of SOL, the TVL in USD has fallen to $6.24 billion. This is significantly lower than the Ethereum network’s TVL of $51 billion, but higher than BNB Chain’s $5.37 billion. Solana ranks second among TVL’s networks.
It is important to note that Solana has been leading the decentralized exchange (DEX) for months. At the time of writing, Solana accounted for 60% of all DEX volumes, according to DeFiLlama, significantly higher than Ethereum’s 38%.
 SOL ETFs record three consecutive weeks of inflows
SoSoValue data shows that institutional interest in Solana remains strong despite the broader market pullback due to mounting selling pressure. For the past three weeks in a row, SOL ETFs have recorded inflows, making it the only ETF on Wall Street to do so.
In contrast, Bitcoin and Ethereum ETFs have been recording outflows for several weeks. This week alone, BTC ETFs have posted outflows of over $203 million after six consecutive weeks of outflows. On the other hand, ETH ETFs have also recorded six consecutive weeks of negative data.
Data from CoinShares also supports the bullish outlook from increasing institutional interest in Solana. In its latest report, CoinShares revealed that SOL products received $3.3 million in inflows last week. SOL and XRP were the only crypto assets to see inflows during the week.
The difference between Solana and the other crypto ETFs suggests that institutions may be buying the dip in SOL. At the time of writing, Solana was trading at $78, up 0.06% intraday.
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