Over $120M Bridged to Solana in 30 Days, Led by $41.5M from Ethereum
Solana is experiencing a renewed wave of investor interest, with more than $120 million in liquidity bridged to the network over the past 30 days, according to data from Debridge. Ethereum led the inflows with $41.5 million, followed by Arbitrum with $37.3 million. Additional transfers came from Base ($16 million), BNB Chain ($14 million), and Sonic ($6.6 million), reflecting a broader shift in market sentiment toward Solana-based ecosystems.
Solana Sees Sharp Turnaround as Liquidity Flows Back In
This liquidity surge comes as a sharp reversal from the outflows Solana experienced earlier this year. In the wake of Argentina’s LIBRA meme coin scandal, which implicated President Javier Milei, investors pulled approximately $485 million from Solana to competing blockchains such as Ethereum and BNB Chain. The recent return of capital suggests confidence may be stabilizing, particularly amid a resurgence in memecoin trading. Meme coins like POPCAT, FARTCOIN, BONK, and WIF have contributed to the bullish momentum, posting weekly gains of 79%, 51%, 25%, and 21%, respectively. These speculative tokens have sparked renewed on-chain activity, although Solana’s fee generation has not yet returned to earlier highs. In March, the network generated just under $46 million in fees — significantly lower than January’s peak of over $400 million. April figures currently stand around $22 million. On-chain data further underscores this growing activity. Glassnode recently reported that over 32 million SOL — equivalent to 5% of the total supply — was accumulated at the $130 price level in recent days.
This may establish $130 as a critical support level, with additional clusters at $117.99 and $144.54 representing potential short-term bounds. Analysts now view $129 as a pivot point for Solana’s price action.
Ethereum Fees Drop to 5-Year Low, Averaging Just $0.17
Meanwhile, Ethereum is seeing the opposite trend. Transaction fees on its network have dropped to their lowest level in five years, now averaging just $0.168 per transaction. This decline is largely attributed to reduced usage, as fewer users are sending ETH or engaging with smart contracts, according to Santiment’s Brian Quinlivan. “With lower demand, there’s less competition for block space, so users don’t have to bid high fees,” Quinlivan explained. However, he noted that from a trading perspective, such low activity and cheap fees could suggest a lack of momentum for Ethereum’s short-term price recovery.
Ethereum’s price has fallen over 12.5% in the past two weeks, hovering just under $1,600 at the time of writing. The market slowdown followed U.S. President Donald Trump’s announcement of sweeping tariffs on April 2, triggering broader economic uncertainty and asset declines across traditional and crypto markets. Last month, crypto venture capitalist Nic Carter of Castle Island Ventures pointed to two key issues undermining Ether’s value: the rise of layer-2 (L2) scaling networks and unchecked token issuance. He argued that “greedy Eth L2s” are siphoning off value from Ethereum’s base layer while giving little back. He also criticized the Ethereum community’s acceptance of excessive token creation, claiming that “ETH was buried in an avalanche of its own tokens. Died by its own hand.”
