Solana grabs 95% of tokenized equity volume; SOL bottom debated
Solana handled 95% of tokenized equity trading last week with $1.29 billion in volume as SOL trades about 75% below its $295 high and traders disagree on a bottom.
Solana accounted for 95% of tokenized equity trading across blockchains last week, registering $1.29 billion in volume. The token trades roughly 75% below its all-time high near $295, and market participants differ on whether a cycle bottom is in place.
On-chain data and independent reporting show the weekly surge was driven largely by the release of a SpaceX IPO token, SPCX. Weekly activity on the network exceeded the total trading volume for the previous month.
Applications on Solana generated about $21 million in app revenue during the week and roughly $82.84 million over the past month. Those monthly figures compare with $67.43 million on another chain and about $51 million on a major smart-contract platform. Total value locked on Solana stands near $5.7 billion, below a prior peak of about $13 billion in September 2025.
Total value locked measures the value of assets deposited in decentralized finance applications. The current TVL figure remains well under the chain’s prior high despite the rise in trading and fee generation.
Views on SOL’s price vary among traders. Trader Ardi wrote that Solana is nearing a price zone that typically attracts accumulation for a next bull cycle and estimated that an 80%–85% drawdown from the peak would place SOL in a $45–$60 range; SOL has fallen about 77% from near $295 to roughly $60.
Trader Bluntz observed that a weekly bullish divergence on the relative strength index after deep drawdowns has often appeared near market lows, implying the potential for an earlier recovery. Trader Dyme urged caution, noting Solana previously spent roughly 500 days building a base between May 2022 and October 2023 before a major recovery.
Technical analyst Ryan Clark, known online as HORSE, cautioned that SOL remains below the weekly 50- and 200-period simple moving averages and that a sustained move above the $90 region would provide a clearer technical signal.
Network reporting indicated the dominant tokenized equity volume represented 95% of cross-chain activity during the week, illustrating how a single new issuance can concentrate trading flows. Investors and traders continue to monitor on-chain metrics and price technicals as indicators of market activity and liquidity.
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