SOL jumps to $72 as on-chain activity weakens

Solana’s native token SOL climbed to $72 on Friday from $64 the prior day while several on-chain indicators showed lower network activity. Total Value Locked on the network fell 11% month‑on‑month. Weekly decentralized exchange volumes dropped to about $10 billion from roughly $30 billion in early February.

Trading in tokenized stocks on Solana recorded about $113 million in 24‑hour volume, and the increase in that activity coincided with the price rise. Liquidity in automated market‑making pools for many of those tokenized assets remained thin, and a number of recently launched tokens have a low number of holders.

Protocol-level metrics showed mixed changes. One portfolio manager protocol’s TVL declined about 19% over the past month, a stake‑pool product lost roughly 20% of TVL, and a major automated market maker reported a 17% TVL drop. A tokenization platform on the network posted 31% growth in TVL over the same period.

Weekly DApp revenue on the network contracted alongside falling DEX volumes. About 30% of reported DApp revenue during the period came from a single token launch platform that relies heavily on meme token activity. Data on token issuance showed rapid creation: roughly 80% of 18.7 million tokens were launched within 48 hours, and a sizable share of addresses involved in those launches recorded losses up to $1,000.

Derivatives markets registered increased bullish leverage on SOL. Annualized funding rates for perpetual futures rose to about 10%, the highest level recorded in June, and funding rates moved from negative to positive as the token gained roughly 14% from the $64 low earlier in the week.

Several growing projects on the network were noted by on‑chain figures. An on‑chain reinsurance product held about $200 million in TVL, a perpetual DEX showed roughly $325 million in aggregate open interest, and a lending platform had about $79 million in TVL.

Competition for tokenized equity and related products is appearing across other blockchains and centralized trading venues, including offerings built on Ethereum‑based systems. New entrants are expanding options for tokenized assets outside Solana.

Market participants and on‑chain metrics will continue to track TVL, DEX liquidity, token issuance and derivatives flows to assess changes in network activity and trading demand.