Solana grabs 95% of tokenized equity as traders debate if SOL bottom is in

Solana captured 95% of tokenized equity volumes as analysts debate whether $60 was the bottom for SOL.

Solana (SOL) captured 95% of all tokenized equity trading activity across blockchains last week, setting a new record with $1.29 billion in trading volume. The surge comes as SOL trades more than 75% below its all-time high near $295, leaving SOL traders divided on whether the asset is nearing a cycle bottom.

SOL onchain activity continues to expand across several metrics, even as a SOL price reversal remains the central focus for market traders.

Data shows Solana generated $21 million in weekly app revenue, ahead of Ethereum, Hyperliquid, and Base. Over the past month, Solana applications produced $82.84 million in revenue, compared with $67.43 million on Hyperliquid and roughly $51 million on Ethereum.

App revenue generated by chains. Source: DefiLlama

Solana has also led the charge for tokenized equity trading on its chain. Independent reporting from Solana Floor noted that the network recorded its largest week on record for tokenized stock trading, with $1.29 billion in volume, accounting for 95% of activity across all chains.

According to Solana Floor, last week's volume exceeded the total for the entire previous month, driven largely by the release of SpaceX’s IPO token, SPCX. 

At the same time, the total value locked (TVL) on Solana stands near $5.7 billion. TVL measures the value of assets deposited across decentralized finance applications and serves as a gauge of onchain capital participation.

That figure sits well below Solana's all-time high TVL of roughly $13 billion from September 2025, showing that capital committed to DeFi applications has not returned to peak-cycle levels despite strong transaction activity and revenue generation.

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Market analysts and traders remain divided on whether SOL has already entered a durable bottoming phase.

Crypto trader Ardi said Solana is approaching the area that attracts the trader’s attention for the next bull cycle. Ardi noted that SOL has already fallen about 77% to $60, from its cycle peak near $295.