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Solana captures a record share of tokenized equity trading
Solana (SOL) recorded a historic week in tokenized equity markets, accounting for 95% of tokenized stock trading across blockchains with $1.29 billion in volume. The surge in activity coincided with increased onchain metrics—platform revenue and transactions—yet the SOL price remains more than 75% below its all-time high near $295. That gap has left market participants divided over whether SOL has reached a cycle bottom around $60 or if deeper consolidation lies ahead.
Onchain revenue and activity growth
Data aggregated by analytics platforms show Solana generating strong app-level revenue. Over the most recent week, Solana applications produced roughly $21 million in app revenue, placing the chain ahead of competitors like Ethereum, Hyperliquid, and Base. Over the past 30 days, Solana apps generated about $82.84 million in revenue, compared with $67.43 million on Hyperliquid and roughly $51 million on Ethereum. Growing app revenue and high throughput have reinforced Solana’s appeal for tokenized equity trading and DeFi activity.
App revenue generated by chains.
Tokenized equities and the SPCX effect
Independent reporting from Solana Floor highlighted that last week’s volume exceeded the total for the prior month, driven in part by the launch of SpaceX’s IPO token, SPCX. That release attracted significant liquidity and trading interest, concentrating tokenized stock flows on Solana and setting a new benchmark for stock token volumes across chains.
TVL remains below cycle highs
Despite the spike in trading and app revenue, total value locked (TVL) on Solana remains well below its previous peak. Current TVL sits near $5.7 billion, a meaningful distance from the cycle high of roughly $13 billion recorded in September 2025. TVL is a key gauge of long-term capital committed to DeFi protocols, and the lower level suggests that, while transaction activity and revenue are strong, broader capital re-entry into DeFi has not yet returned to peak levels.
Solana’s TVL chart.
Traders debate whether SOL’s bottom is in
The strong onchain backdrop has not settled market opinion on price direction. Traders and analysts are split between those who see SOL nearing an attractive accumulation zone and others who warn a durable bottom could take longer to form.
Bullish accumulation thesis
Crypto trader Ardi highlighted that SOL has already dropped roughly 77% from its cycle peak and that a decline of 80%–85% would place SOL in the $45–$60 accumulation zone—levels he considers appealing for long-term cycle positioning. Ardi’s view draws on historical patterns of drawdown compression observed in Bitcoin and Ether, where extended drawdowns often compressed into distinct buy zones before major rallies.
SOL/USD, one-week analysis by Ardi.
Technical signals and cautious optimism
Other market participants point to technical indicators for timing. Trader Bluntz emphasized a potential weekly bullish divergence on the relative strength index (RSI) following steep drawdowns, a setup that has often been seen near market lows and can presage earlier recoveries.
Conversely, cautionary voices remain. Dyme compared the current environment with Solana’s long base-building phase from May 2022 to October 2023—a roughly 500-day period before the last major recovery—suggesting that SOL could require an extended consolidation period before confirming a durable bottom.
SOL/USD, one-week chart analysis by Dyme.
Moving averages and key technical thresholds
Trading Stable founder Ryan Clark (HORSE) warned that SOL is still trading below important weekly moving averages—the 50-period and 200-period simple moving averages—meaning that the market lacks a clear technical confirmation for a sustained bullish reversal. Clark noted that moving back above the $90 region would provide a stronger signal that momentum is shifting in favor of higher prices.
What traders should watch next
For traders and investors focused on blockchain and cryptocurrency markets, the situation on Solana highlights the divergence between improving onchain fundamentals and price action. Key metrics to monitor include tokenized equity volumes (especially new token launches such as SPCX), app revenue trends, TVL recovery, and technical indicators like weekly RSI and moving averages. Until broader capital—reflected in TVL—returns to DeFi at scale and SOL clears critical moving average resistance, debate around whether the bottom is in will likely continue.
Regardless of near-term price moves, Solana’s dominance in tokenized stock trading this week underscores the chain’s growing role in tokenized asset innovation and DeFi revenue capture across blockchains.
Source: cointelegraph
Comments
Marius
Is this real or just hype? SPCX drove volume but TVL stuck at 5.7b, MAs not cleared, calling a bottom seems premature. waiting for clearer signals
vaultrex
wow 95% of tokenized stocks on Solana?? SPCX did that. Nice revenue, but TVL still lagging, price nowhere near ATH… feels like a trap or big opportunity, idk
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