Solana (SOL) has surged back into the crypto spotlight, posting a staggering $6.701 billion in 24-hour decentralized exchange (DEX) volume. This figure, reported by DeFiLlama, exceeds the combined DEX volume of all other Layer 1 and Layer 2 networks, signaling a massive capital inflow into the Solana ecosystem. The surge in on-chain activity coincides with SOL's price approaching a major technical and psychological resistance level near $150.
The record volume is not an isolated event. Institutional interest is aligning with on-chain growth. Over the last 24 hours, Solana ETFs recorded cumulative inflows of $801.31 million, according to SoSoValue. The BSOL ETF led with $638 million in inflows, followed by GSOL with $130 million. This institutional positioning, representing strategic capital rather than short-term speculation, is seen as a key factor for potential price stability during volatile market tests.
Further bullish signals are emerging from derivatives markets. Solana's Open Interest (OI) has climbed sharply to $3.35 billion, as per Coinalyze, indicating fresh capital entering the market and projecting increased volatility ahead. This combination of record DEX volume, strong ETF inflows, and rising OI forms a compelling narrative for SOL's momentum.
The institutional narrative received a massive boost with a landmark filing from banking giant Morgan Stanley. The firm, which manages $6.4 trillion in assets, has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for a "Morgan Stanley Solana ETF Trust." This move is seen as a significant bridge between traditional finance (TradFi) and decentralized finance (DeFi).
Analysts note that Morgan Stanley's focus on Solana, without a concurrent Ethereum ETF filing, has reignited the SOL vs. ETH debate. On-chain data supports Solana's growing strength; its Total Value Locked (TVL) is up roughly 9% this week, compared to about 6% for Ethereum. The SOL/ETH trading ratio is up 3%, bouncing from a key support level that previously triggered a 28% rally in 2024.
All eyes are now on the $150 resistance level for SOL. A decisive break above this barrier could confirm strong demand and trigger accelerated upside momentum as sidelined capital re-enters the market. However, the level also presents a risk of profit-taking and temporary pullbacks. The coming trading sessions will be crucial in determining SOL's short-term trajectory.
