Solana TVL Hits Five-Week High
The move comes as open interest drops and funding rates cool off, while DeFi protocols and stablecoins on the network attract more capital.
Key Takeaways
- Solana bounced back to around $80.84 as traders reduced leverage and open interest fell from $2.41 billion to $2.20 billion.
- Solana's TVL climbed to about $5.11 billion, its highest level since early June.
- Long-term holders raised their share of the SOL supply from 14.64% to 15.60% since June 29.
Solana (SOL) has recovered to around $80.84 (€71) as traders continue to unwind leverage across the market. At the same time, Solana's TVL has pushed to its highest point since early June, a sign that the move is being backed by more than just futures trading.
Leverage Cools Off
On July 4, SOL was changing hands at about $82 (€72), while open interest stood near $2.41 billion (€2.1 billion). Funding was still positive at 0.009%, which showed that long positions were still dominant. But after the market turned lower, some of that leverage was wiped out, and SOL slipped to around $79.72 (€70) on July 6, almost 3% down.
Since then, open interest has eased to roughly $2.20 billion (€1.9 billion), and the funding rate has cooled to 0.004%. That makes the latest rebound look less like a leveraged squeeze and more like genuine spot demand. For crypto traders, that distinction matters, since rallies built on leverage can unwind quickly once that support fades.
Long-Term Holders Are Buying the Dip
The rebound also lines up with accumulation from Solana's most patient holders. Investors who have held SOL for one to two years increased their share of the total supply from 14.64% to 15.60% since June 29. Instead of selling into the volatility, that group added to its positions.
That points to a market where selling pressure is starting to ease. As long-term holders keep stacking, less supply is available to hit the market right away. That likely helped cushion the decline after the July 4 flush.
DeFi Adds More Context
Solana's TVL, or the total value of assets locked in apps on the network, rose from about $4.66 billion (€4.1 billion) on June 26 to around $5.11 billion (€4.5 billion) on July 4. That is the highest level since early June. More broadly, the DeFi sector has been showing for some time that the network is doing more than just attracting speculative trades: in 2026, TVL reached about $12 billion (€10.5 billion) according to market data, while protocols like Jupiter Exchange, Kamino, and Drift Protocol continue to grow the ecosystem.
The stablecoin supply on Solana also remains solid at around $15.6 billion (€13.7 billion), just under the peak of about $16 billion (€14 billion) on July 3. In other words, there is still plenty of liquidity parked on the network. For European crypto readers, that matters because Solana is increasingly being used as a barometer for how DeFi activity and spot demand can reinforce each other within a major altcoin.
Some of that demand is also coming from companies adding SOL to their balance sheets; for instance, Forward Industries bought more tokens in the second quarter, showing that interest in Solana is not limited to the market alone.
