Solana has captured almost the entire tokenized stock market. Last week, the network accounted for about 95% of trading in this segment across all blockchains, with transaction volume reaching a record $1.29 billion.
At the same time, SOL itself remains far from its peaks. The token is still trading more than 75% below its all-time high of about $295. That’s why traders are debating whether the drop to $60 was the bottom of the current cycle or if the market has not finished declining.
Meanwhile, the network itself looks noticeably stronger than the token price. On-chain activity on Solana continues to grow, applications are earning more, and the tokenized stock segment has become one of the main drivers in recent weeks.
Solana Sets New Record for Tokenized Stocks
Solana applications generated about $21 million in revenue over the week. By this metric, the network surpassed Ethereum, Hyperliquid, and Base.
The gap is also evident over the past 30 days. Applications in the Solana ecosystem earned $82.84 million. Hyperliquid posted $67.43 million, while Ethereum earned about $51 million.
Application revenue in the largest blockchain networks for the week. Source: DefiLlama.
The tokenized stock market stands out in particular. According to Solana Floor, the network had its best week ever in this segment. Trading volume reached $1.29 billion, accounting for about 95% of all blockchain activity.
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The weekly result was higher than the volume for the entire previous month. One of the main drivers was the launch of the SPCX token, linked to the SpaceX IPO.
Other Solana metrics also remain strong. The total value locked in the network is around $5.7 billion. This figure reflects how much capital is in the ecosystem’s DeFi applications.
Solana TVL chart. Source: DeFiLlama.
But it’s still far from peak values. In September 2025, Solana TVL rose to about $13 billion. So activity and revenue are growing, but capital in DeFi has not yet returned to previous highs.
Traders Debate the SOL Bottom
The main question for the market now is simple: was the drop to $60 the final point of decline or can SOL go even lower.
Crypto trader Ardi believes that Solana has already reached a zone interesting for accumulation ahead of the next cycle. From the peak of about $295, the token fell by about 77%.
He compares the situation to previous Bitcoin and Ethereum cycles, where major corrections often reached 80–85%. If Solana follows a similar scenario, the $45–60 zone may be the most attractive for long-term purchases.
SOL/USD weekly chart with analysis by Ardi. Source: X.
Trader Bluntz is more optimistic. He noted a bullish divergence on the weekly SOL and RSI chart. In his opinion, such signals after a sharp drop often appear near the market bottom.
He concludes that Solana may start to recover sooner than some of the market expects.
But there is also a cautious view. Trader Dyme recalled that in the previous cycle, Solana spent a long time building a base before the next rally. After the drop in 2022, the asset moved sideways for almost 500 days, from May 2022 to October 2023.
In his view, the current cycle may require a similar accumulation period. In that case, a quick recovery for SOL is not guaranteed, even if the bottom zone is already near.
SOL/USD weekly chart with analysis by Dyme. Source: X.
Not Everyone Believes in a Quick Reversal
Trading Stable founder Ryan Clarke, known as HORSE, is also not rushing to bullish conclusions. He noted that SOL is still trading below key weekly moving averages for 50 and 200 periods.
In his opinion, a more convincing signal would be a return of the price above $90. Until that happens, it is too early to talk about a full reversal.
The current debate boils down to whether demand for SOL can strengthen before a retest of the $45–60 zone. The network is showing strong activity, but the price has yet to confirm that the market is ready for a sustainable recovery.
