In a remarkable week for blockchain activity, the Solana network captured an unprecedented 95 percent of tokenized stock trades across all blockchains. The weekly trading volume reached 1.29 billion dollars, setting a new record for Solana in this niche. Notably, this surge occurred while the SOL price continues to hover more than 75 percent below its all-time high of approximately 295 dollars.
Surpassing rivals in revenue and volume
Data reveals that Solana outperformed major competitors regarding weekly application revenue, generating 21 million dollars and overtaking Ethereum, Hyperliquid, and Base. Over the past month, Solana-based applications accumulated 82.84 million dollars in revenue, while Hyperliquid recorded 67.43 million dollars and Ethereum brought in about 51 million dollars over the same period.
The spike in tokenized stock transactions also solidified Solana’s dominance. According to independent analytics platform Solana Floor, Solana logged its strongest week ever for tokenized stock activity, accounting for 95 percent of global network volume at 1.29 billion dollars. Solana Floor is recognized for delivering insight dedicated to Solana’s ecosystem.
Data shared by Solana Floor highlight that last week’s volume in tokenized stocks exceeded the prior month’s total, propelled significantly by the launch of the SPCX token tied to the SpaceX IPO.
Behind this impressive jump stood the debut of SPCX, a token representing exposure to the upcoming SpaceX public offering. The last week’s transaction volume surpassed the entirety of the previous month, marking a notable milestone for the Solana network.
Total value locked remains below its peak
Despite roaring activity, Solana’s total value locked stands around 5.7 billion dollars. This metric indicates the total assets committed to decentralized finance applications, serving as a crucial measure for on-chain capital participation.
This figure remains well below the peak of almost 13 billion dollars seen in September 2025. The current gap between transaction activity and capital inflow suggests that, while user engagement and application revenues are robust, the scale of DeFi capital has yet to return to former highs.
Debate intensifies over the bottom for SOL price
In crypto circles, a key debate is whether SOL has established a lasting price floor. Crypto trader Ardi argued that Solana is approaching a critical region for its next bull cycle, pointing out that SOL has dropped by about 77 percent from its cycle peak of 295 down to 60 dollars.
Referencing historical pullbacks in Bitcoin and Ether, Ardi suggested that a typical drop of 80 to 85 percent could bring SOL into the 45 to 60 dollar range—a zone he described as the most attractive for accumulation.
On a more optimistic note, Bluntz highlighted a bullish divergence in the weekly relative strength index (RSI), noting that such technical setups often coincide with market bottoms after 80 percent corrections.
Caution remains on the table
Dyme adopted a more cautious perspective, recalling that Solana spent approximately 500 days consolidating between May 2022 and October 2023 before its last major rally. This could indicate the possibility of a prolonged sideways movement before a sustained bottom forms.
Trading Stable founder Ryan Clark, known in the market as HORSE, also exercised restraint, pointing out that SOL remains below its 50 and 200-week simple moving averages on the weekly chart. Clark argued that a break above 90 dollars would be a more convincing technical signal for bulls.
For now, the debate centers on whether demand for SOL will strengthen before prices revisit the 45 to 60 dollar band. On-chain metrics remain strong, but there remains little consensus about the next decisive move in SOL price action.
