Solana dominated tokenized equity trading last week, capturing 95% of all cross-chain volume and setting a new record of $1.29 billion. The milestone arrives as SOL trades more than 75% below its all-time high near $295, splitting traders on whether the asset has found a durable bottom. SOL recently changed hands around $72, having bounced off the $60 level that sits at the centre of the accumulation debate.
Record Tokenized Stock Activity on Solana
Data from DefiLlama shows Solana generated $21 million in weekly app revenue, outpacing Ethereum, Hyperliquid, and Base. Over the past month, Solana applications produced $82.84 million in revenue, ahead of Hyperliquid’s $67.43 million and Ethereum’s roughly $51 million.
Solana Floor reported that last week’s tokenized stock volume of $1.29 billion exceeded the total for the entire previous month. A single catalyst drove much of that surge: the launch of SpaceX’s IPO token, SPCX, which pulled traders onto the network in force.
The network’s total value locked stands near $5.7 billion, well below its all-time high of roughly $13 billion recorded in September 2025. That gap signals that DeFi capital deployment has not returned to peak-cycle levels despite the strong revenue and transaction figures.
Traders Split on Whether the SOL Bottom Is In
Market participants are sharply divided on accumulation timing for SOL.
- Crypto trader Ardi noted that SOL has already fallen roughly 77% from its cycle peak near $295 to $60. Drawing on historical drawdown compression in Bitcoin and Ether, Ardi said an 80% to 85% decline would place SOL in the $45 to $60 range, which he views as the most attractive accumulation zone.
- Crypto trader Bluntz took a more constructive position, arguing that a weekly bullish divergence on the relative strength index following an 80% drawdown has historically appeared near market lows, implying SOL could trend higher sooner than bears expect.
- Crypto trader Dyme urged patience, pointing out that Solana spent roughly 500 days building a base between May 2022 and October 2023 before its last major recovery. That comparison suggests SOL may need an extended period of sideways price action before a reliable bottom forms.
- Trading Stable founder Ryan Clark, known as HORSE, questioned recent optimism. He noted that SOL remains below its key weekly 50-period and 200-period simple moving averages, and said a sustained move back above $90 would be the stronger technical signal to watch.
Key Metrics at a Glance
SOL current drawdown: more than 75% from all-time high near $295
Tokenized equity volume last week: $1.29 billion, 95% of all-chain activity
Solana weekly app revenue: $21 million, highest among major blockchains
Solana monthly app revenue: $82.84 million versus $67.43 million on Hyperliquid and roughly $51 million on Ethereum
Solana TVL: approximately $5.7 billion versus $13 billion all-time high in September 2025
