Solana Captures 95% of Tokenized Equity as SOL “Bottom” Debate Grows

Solana’s blockchain is making a strong case for “real” activity even as its native token, SOL, struggles to regain momentum. Last week, Solana accounted for 95% of all tokenized equity trading volume across blockchains, reaching a record $1.29 billion in activity, according to reporting cited from Solana Floor.

At the same time, investors are split on whether SOL’s recent drawdown is nearing a sustained bottom. The token is currently down more than 75% from its all-time high near $295—leaving traders to debate whether the next leg up is already forming or still requires more time to confirm.

Key takeaways

• Solana recorded $1.29B in tokenized equity trading volume last week, representing 95% of cross-chain activity.
• Solana’s weekly app revenue hit $21M, and its last-month revenue rose to $82.84M, per DefiLlama data.
• Despite growth in trading and revenue, Solana’s TVL is about $5.7B—far below its prior all-time high near $13B.
• SOL traders are divided between “near-term bottom” expectations and a longer consolidation window.

Tokenized equities drive Solana’s weekly record

While mainstream crypto markets continue to fixate on price action, Solana’s onchain business metrics offer a different headline. DefiLlama data shows Solana generated roughly $21 million in weekly app revenue, placing it ahead of other ecosystems including Ethereum, Hyperliquid, and Base. Over the past month, Solana apps produced about $82.84 million in revenue, compared with approximately $67.43 million on Hyperliquid and around $51 million on Ethereum.

Beyond broader application revenue, Solana Floor’s reporting highlights a more specific catalyst: tokenized stock trading. According to Solana Floor, Solana logged its largest week on record for tokenized stock activity, with $1.29 billion in volume. That figure represented 95% of the total tokenized equity trading activity across all chains tracked.

Solana Floor also attributed much of that acceleration to the release of SpaceX’s IPO token, SPCX. In practical terms, that matters because tokenized equity narratives often bring new participants who may not otherwise engage with standard DeFi markets—potentially boosting both volume and downstream ecosystem usage.

Revenue climbs, but TVL remains well below peak-cycle levels

Transaction activity and app revenue can rise even when broader capital exposure remains muted, and Solana’s latest snapshot reflects that tension. DefiLlama indicates Solana’s total value locked (TVL) stands near $5.7 billion. TVL is commonly used to gauge how much capital is parked across decentralized finance applications.

However, Solana’s current TVL is still well under its all-time high TVL of roughly $13 billion from September 2025. The gap suggests that while more trading is occurring—particularly in tokenized equities—capital committed to the wider DeFi stack has not fully returned to the levels seen during peak cycle conditions.

For investors, this distinction matters. Rising trading volume can attract attention, but the strength and sustainability of the broader ecosystem often becomes clearer when TVL re-expands—especially after major catalysts fade. The question now is whether tokenized equity demand can translate into more persistent liquidity across Solana’s DeFi venues.

SOL price debate: bottoming zone vs. “still too early”

Price remains the battleground, and traders are not aligned on the timing of any durable bottom. Crypto trader Ardi argued that SOL is approaching an area he associates with accumulation for the next bull cycle. Ardi noted that SOL has fallen roughly 77% to around $60 from a cycle peak near $295.

Building on historical drawdown patterns seen in Bitcoin and Ether, Ardi suggested that an additional 80%–85% decline from earlier reference points could place SOL in a $45–$60 accumulation band.

Not everyone is waiting for that deeper move. Bluntz took a more constructive view, pointing to a weekly bullish divergence using the relative strength index (RSI) after an 80% drawdown—an arrangement that the trader said often appears near market lows. The implication is that SOL might start trending higher sooner rather than after further capitulation.

Meanwhile, Dyme urged caution by emphasizing how long Solana previously spent constructing a base. The trader noted that SOL traded sideways for roughly 500 days from May 2022 to October 2023 before its last major recovery. The comparison suggests that if history is any guide, SOL may need a prolonged period of consolidation to confirm a durable bottom rather than a quick rebound.

Technical levels also remain a key reference point. Trading Stable founder Ryan Clark (popularly known as HORSE) questioned recent optimism, noting SOL is still trading below key weekly simple moving averages—specifically the 50-period and 200-period. In his view, a return above the $90 area would provide a stronger technical signal.

For now, the crux of the disagreement is straightforward: can market demand start lifting SOL before it reaches a potential $45–$60 zone, or will SOL require more time—and possibly more downside—before buyers step in with enough consistency?

What to watch next: whether activity converts into sustained capital

Solana’s record tokenized equity volumes show that parts of its ecosystem are attracting attention and participation, and the revenue figures reinforce that activity is translating into measurable value. The open issue is whether that momentum will be reflected in broader liquidity, as TVL remains below prior peak levels. Traders watching SOL’s charts will likely focus on whether price can reclaim important moving-average territory, while ecosystem observers should watch for any follow-through in TVL that indicates capital is broadening beyond isolated catalysts.