YEREVAN (CoinChapter.com) — Solana (SOL) funds saw inflows of $10 million in the week ending Dec. 17, according to the latest CoinShares weekly report. In doing so, Solana outperformed Bitcoin and Ethereum for the first time in over ten weeks.
Solana Inflows Stir the Bulls
The chart below also specifies that while Solana inflows stood at $156 million year-to-date, Bitcoin and Ethereum saw a cumulative outflow of $37 million in the previous week. As a result, Ethereum’s year-to-date inflow stood at merely $15 million, 10x less than Solana’s.
Solana’s Saga phones could have substantially boosted the blockchain, selling out in mid-December. Additionally, the ecosystem reached its highest total value locked (TVL) since October 2022 and the highest network activity since 2021. The chart below shows the current TVL surpassed $1 billion.
Furthermore, all ten leading protocols on Solana jumped at least double digits in their TVL in the previous month and, in some cases — triple digits.
SOL Gears For another Leg Up?
As a result of the mentioned Solana inflows, SOL emerged as one of the largest winners on Dec. 19, jumping 10% to $74.6 in the previous 48 hours. In detail, the altcoin retested a former resistance at $75 in the European session, which capped the token’s bullish attempts since early December.
Solana inflows testify to a bullish continuation ahead. However, it is important to note that SOL price does not exist separate from the rest of the market. As a high-market cap altcoin, Solana is susceptible to price volatility from large players like Bitcoin and Ethereum.
Thus, potential Solana investors should watch macro factors closely, keeping an eye on local developments on the blockchain. As of Dec. 19, Solana’s market cap dominance stood at a 20-month high of 2%.
