Solana Tests 120 Support Amid Inflows and TVL Rise

Solana's price hovered around 122 on Monday, testing a key support level near 120 amid mixed signals from institutional investors and declining trading volume, as the cryptocurrency grapples with broader market pressures.

The token has declined about 8 percent over the past week, aligning with outflows from major digital asset products totaling 1.73 billion, according to investment data. Bitcoin, Ethereum, and XRP all recorded significant withdrawals, but Solana products bucked the trend with inflows of over 17 million last week and 45.5 million the prior week. These investments, including those into spot Solana exchange-traded funds, reflect sustained interest from Wall Street and institutions despite the price slide from recent highs above 133.

Network fundamentals show resilience. Total value locked in Solana's ecosystem rose 4.66 percent to 36.66 billion, driven by increased on-chain activity and decentralized finance usage. Transaction volumes have surged past 2 billion, with decentralized exchange activity reaching records like 1.2 billion on platforms such as PumpSwap earlier this month. Meme coin trading has heated up again, boosting fees and overall chain demand, though...