Record tokenized equity volume masks debate over whether SOL has found a market bottom
Solana dominated tokenized equity trading last week, capturing 95% of all such activity across blockchains and reaching $1.29 billion in weekly volume, a new record. The surge was driven largely by the release of SpaceX’s IPO token SPCX, which pushed trading far beyond the previous month’s total.
The milestone highlights Solana’s continued strength in decentralized finance despite persistent price weakness. SOL trades more than 75% below its all-time high near $295, yet the network’s onchain activity continues to expand. Solana generated $21 million in weekly app revenue, outpacing Ethereum, Hyperliquid, and Base.
Total value locked on Solana stands at $5.7 billion, well below the network’s all-time high of roughly $13 billion from September 2025. That gap has fueled debate among traders about whether SOL has reached a market bottom.
Competing technical narratives
Crypto trader Ardi sees accumulation signals forming. “Solana is approaching the area that attracts the trader’s attention for the next bull cycle,” Ardi said, identifying a $45 to $60 range as a key zone. Ardi notes that historical drawdowns of 80% to 85% typically precede reversals, and SOL has declined roughly 77% from its cycle peak near $295 to $60.
Bluntz, another crypto trader, points to chart patterns. “The price forming a weekly bullish divergence with respect to the relative strength index (RSI) following an 80% drawdown often appears near the market lows,” Bluntz said.
Dyme, a third trader, urges restraint. Citing historical precedent, Dyme noted that “Solana spent roughly 500 days from May 2022 to October 2023, building a base before its last major recovery.” That extended timeframe suggests the current consolidation may not be near completion.
Ryan Clark, founder of Trading Stable, expressed skepticism about near-term optimism. “SOL continues to trade below the key weekly 50-period and 200-period simple moving averages,” Clark said. He identified $90 as a critical resistance level that would signal stronger technical health if breached.
Revenue strength amid price pressure
Despite the technical debate, Solana’s application layer continues to generate revenue. The network’s apps earned $82.84 million over the past month, a figure that underscores developer and user activity even as SOL’s token price remains depressed.
The tokenized equity milestone also signals institutional interest in Solana’s infrastructure. The $1.29 billion weekly volume in equity tokens represents a significant shift in how blockchain networks are being used for traditional financial assets.
