Solana (SOL) captured 95% of all tokenized equity trading activity across blockchains last week, setting a new record with $1.29 billion in trading volume. The surge comes as SOL trades more than 75% below its all-time high near $295, leaving SOL traders divided on whether the asset is nearing a cycle bottom.
SOL onchain activity continues to expand across several metrics, even as a SOL price reversal remains the central focus for market traders.
Tokenized equities on Solana hit record activity
Data shows Solana generated $21 million in weekly app revenue, ahead of Ethereum, Hyperliquid, and Base. Over the past month, Solana applications produced $82.84 million in revenue, compared with $67.43 million on Hyperliquid and roughly $51 million on Ethereum.
App revenue generated by chains. Source: DefiLlama
Solana has also led the charge for tokenized equity trading on its chain. Independent reporting from Solana Floor noted that the network recorded its largest week on record for tokenized stock trading, with $1.29 billion in volume, accounting for 95% of activity across all chains.
According to Solana Floor, last week’s volume exceeded the total for the entire previous month, driven largely by the release of SpaceX’s IPO token, SPCX.
At the same time, the total value locked (TVL) on Solana stands near $5.7 billion. TVL measures the value of assets deposited across decentralized finance applications and serves as a gauge of onchain capital participation.
Solana’s TVL chart. Source: DefiLlama
That figure sits well below Solana’s all-time high TVL of roughly $13 billion from September 2025, showing that capital committed to DeFi applications has not returned to peak-cycle levels despite strong transaction activity and revenue generation.
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SOL traders remain split on accumulation timing
Market analysts and traders remain divided on whether SOL has already entered a durable bottoming phase.
Crypto trader Ardi said Solana is approaching the area that attracts the trader’s attention for the next bull cycle. Ardi noted that SOL has already fallen about 77% to $60, from its cycle peak near $295.
Drawing on historical drawdown compression seen in Bitcoin and Ether, Ardi said an 80%–85% decline would place SOL in the $45-$60 range, the most attractive accumulation zone.
SOL/USD, one-week analysis by Ardi. Source: X
Crypto trader Bluntz took a more constructive view, arguing that the price forming a weekly bullish divergence with respect to the relative strength index (RSI) following an 80% drawdown often appears near the market lows. The trader implied that SOL could trend higher sooner rather than later based on this setup.
Meanwhile, crypto trader Dyme urged caution, noting that Solana spent roughly 500 days from May 2022 to October 2023, building a base before its last major recovery. The comparison suggests that SOL may require a longer period of sideways trading before a durable bottom forms.
SOL/USD, one-week chart analysis by Dyme. Source: X
Trading Stable founder Ryan Clark also questioned the recent optimism, noting that SOL continues to trade below the key weekly 50-period and 200-period simple moving averages. The analyst, popularly known as HORSE, said that a move back above the $90 region would provide a stronger technical signal.
For now, the debate centers on whether demand SOL can build higher before the price reaches the $45-$60.
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