The price of #Solana has increased by about 26% in the previous week, making it one of the best performing cryptocurrencies.
Recently, a new TVL record was set for the Layer 1 chain, representing a chain dominance of 0.88%.
Increased institutional interest is likely behind the recent influx of funds into cryptocurrencies like $SOL .
Solana (SOL), the eighth largest #cryptocurrency by market value, has been performing exceptionally well recently because to rising Total Value Locked (TVL) and steady inflows. At this moment, an altcoin can be purchased for $24.26. Gains of over 26% in the previous week for money stored on the blockchain are keeping investors optimistic.
A new high in Solana TVL ratings
In July of 2023, the total value of digital assets locked in a smart contract, as measured by Solana, surpassed $300 million, a new record. After reaching a record high in 2021, this was the first time this year that Solana reached such a TVL level.
DefiLlama reports that Solana has 110 procedures and a TVL of $338.27 million. About 0.88 percent of total TVL in all chains comes from Solana.This is an important indicator since it shows that Solana is becoming more widely used among DAPs. Increasing confidence in the market may result from more projects opting to construct on Solana.
Positivity persists in Solana inflows.
According to a study published by alternative asset management CoinShares on Monday, cryptocurrency investing experienced inflows the previous week. After a dry spell of six weeks, the market saw a total inflow of $21 million.
Meanwhile, the study has helped Solana secure funding time and time again. This year, the Layer 1 chain has had net inflows for 27 weeks compared to net outflows for only 4 weeks.
The $5 million in revenue that Solana has seen so far this month puts its yearly total at $31 million. Solana also brags an AUM of $84 million, which is quite an impressive sum.
Despite the relative quiet in the altcoin market, the recent infusion of funds into Solana implies that institutional investors are showing growing interest.
Solana has just tweeted its dedication to environmental sustainability. To attract ethical investors, it promoted its ability to monitor energy pollution in real time.
During the past week, Solana has risen by close to 26%. In comparison, the hourly and weekly performances of other major cryptocurrencies like Ethereum and XRP have been somewhat subdued.