Beyond the Dip: Solana's $5.84B Volume Signals Bullish Momentum
- Keyword Financial
- Aug 18
- 4 min read
Background
Despite SOL dropping about 6% in the last 24 hours, Solana stood out with a 58% jump in daily trading volume to $5.84 billion and strong weekly performance. Capital inflows over the past week surpassed $400 million, spanning Solana-based investment products and bridged assets, even as the broader crypto market cap fell roughly 3.6%. Total assets under management on Solana reached about $2.84 billion, underscoring resilient demand during a market pullback.
Institutional products were a key driver, with ETFs/ETPs (including notable REX-Osprey inflows) contributing heavily. Bridging brought in roughly $230 million over a similar period, led by Ethereum at around 62% (~$126 million), followed by Arbitrum and Base, with smaller amounts from Polygon, Avalanche, and Sui. “Smart money” activity and whale rotations into Solana memecoins also featured, while stablecoin momentum continued as Circle minted over $1.25 billion USDC on Solana, pushing network USDC to roughly $24 billion.
This activity translated into rising network revenue. Solana dApps such as Pump.fun, Jupiter, Raydium, and LetsBONKfun were major contributors, with Pump.fun generating about $10 million and total weekly dApp revenue near $35 million. Solana has led all chains in revenue for 22 consecutive weeks, ahead of Tron, Ethereum, and Bitcoin. While there’s ongoing criticism about heavy venture capital exposure and a caution that inflows can sometimes “trap” traders, the overall outlook remains bullish, with the surge in capital and usage hinting at potential for another price leg higher.
