Key Insights:
- Solana ETFs flow again turned positive this week after experiencing their first outflow last week.
- SOL price retests short-term support after a 7% dip this week.
- Solana DEX volumes jump to an 11-week high, backed by robust RWA volumes.
Solana ETFs recorded their first-ever outflow last week on 16 January. This outcome triggered speculation among analysts, given that institutional flows previously maintained an unbroken streak of positive flows.
The market just concluded another week, and this time, Solana ETFs regained their bias for inflows. ETF data revealed that spot Solana ETFs collectively acquired $9.5 million worth of the cryptocurrency from Tuesday to Friday.
Solana ETFs did not register any flows on Monday due to the US holiday. Nevertheless, these positive flows were notably lower than those observed in the first half of January.
It suggests that recently elevated uncertainty influenced Solana ETFs. It also indicated that the segment has not yet switched to the fast lane as anticipated earlier. Hence, ETFs had little impact on SOL price.
SOL Price Retreats Even When Solana ETFs Flow Turned Green
Solana’s native coin, SOL, faced sell pressure this week just like its top peers. SOL price retreated by over 7.7% over the last 7 days, building on the bearish momentum from the previous week.
Solana price exchanged hands at $127 at press time. This also meant it reverted to its previous consolidation zone, which in turn put it near its 6-month low.
Although Solana crypto price was in a short-term downtrend, its RSI and MFI still pointed towards relative strength for the uptrend. This could indicate that the cryptocurrency was experiencing significant accumulation, even though the bears won this week.
Meanwhile, the aforementioned consolidation zone previously acted as a strong support, going as far back as April 2024. SOL previously dipped below this price level in late March 2025.
However, that bearish outcome was heavily influenced by major macro factors. This could be what it takes for the price to capitulate below its current level if demand fails to materialize.
Demand for the Solana coin remained relatively subdued at the time of observation. A sign that investors were still leaning toward caution despite the discounted prices this week.
Solana DEX Remained Elevated Despite Prevailing Market Uncertainty
The prevailing market conditions at the time of observation had a net negative impact on Solana network activity. For example, Solana TVL retreated from a mid-month high of $9.1 billion to $8.28 billion at the time of observation. A typical outcome during periods of elevated market uncertainty.
However, some aspects of Solana network activity remained elevated. For example, DEX revenue rose by over $28 billion this week, marking an 11-week high.
Solana address activity and weekly transactions remained relatively elevated, though not as high as last week. This confirmed that the network was still experiencing healthy activity despite the uncertain market conditions, contrary to expectations.
The RWAs market could be the reason for the elevated Solana network activity. According to RWA.xyz, the RWAs segment contributed significant volumes.
For example, 30-day stablecoin transfer volumes on Solana were up by more than 43% and RWA holders grew by 12%. The total value of RWAs on Solana crossed above $1 billion in late 2025, highlighting robust growth. This impressive RWAs’ activity within Solana has been influencing network activity.