Solana‘s influence in the digital asset sector continues to rise as a recent report from Fidelity Digital Assets highlights its expanding role in both on-chain trading and tokenized asset markets. The network has gained prominence among market participants amid rising trading volumes and infrastructure developments, even as the SOL token faces technical price pressures.
Solana gains ground in U.S. trading volumes
Fidelity Digital Assets, a subsidiary of the global financial services firm Fidelity Investments, published a report titled “Solana’s Competitive Advantage in Onchain Trading.” Analysts examined Solana’s growth within the context of evolving financial infrastructure, focusing on its transaction capacity and efficiency advantages over traditional systems.
The report found that Solana now accounts for roughly 15% of trading volume on major U.S. cryptocurrency exchanges, up from just 0.30% in 2022, signaling a sharp uptick in adoption. For a brief period, the network’s trade executions, measured weekly, even surpassed those of the New York Stock Exchange. This shift illustrates the growing transaction capacity and relevance of Solana in digital markets.
Mini dictionary: Fidelity Digital Assets is the digital asset arm of Fidelity Investments, providing institutional custody, trading, and research services for cryptocurrencies and blockchain-based products.
| Year | Solana’s Share of Major U.S. Exchange Activity |
|---|---|
| 2022 | 0.30% |
| 2024 | 15% |
Solana’s share of trading volume on major U.S. exchanges has surged from 0.30% in 2022 to 15% in 2024, signaling a rapid climb in adoption and transaction activity, according to Fidelity Digital Assets.
Tokenized assets and expanding financial infrastructure
The report further recognized Solana’s rapid growth in tokenized asset trading. Monthly trading volumes for tokenized assets have jumped from below $100 million to nearly $5 billion within the network. This broadening scope demonstrates how blockchain technology is drawing in activity related to equities, Treasury products, commodities, and other traditional financial instruments.
Tokenized assets are digital representations of real-world financial instruments, enabling more accessible trading and settlement on blockchain networks. Their expansion potentially creates opportunities for a wider range of investors and supports new blockchain-based financial services.
Fidelity described Solana as an emerging part of financial market infrastructure, mainly due to its high throughput capacity and low transaction costs. These features have proved appealing for applications requiring frequent and cost-effective transaction processing.
SOL price under pressure, analysts highlight key support
Despite these advancements, the SOL token price is under technical pressure, currently trading near the lower boundary of a descending channel. Technical analysts believe this area is a critical support level, with buyers and sellers closely watching for a potential reversal or further decline.
Crypto market analyst Wheezy Insights highlighted the SOL price’s location at the channel’s lower boundary, suggesting a potential recovery target near the $96–$98 range if the price rebounds. Achieving this would require increased buying interest and sustained support, according to the analyst.
A successful bounce from this support zone could pave the way toward the $96 to $98 region as a short-term recovery target, but failure to hold could expose SOL to further downside risks.
However, a decisive breakdown below the current support may invalidate the recovery outlook and increase downside pressure. The next direction for SOL will largely depend on whether the price holds this critical technical area as broader activity on the network continues to expand.
