In a stunning display of market strength, Solana has claimed 95% of all tokenized equity trading volumes last week, recording an impressive $1.29 billion in transactions. This surge comes amid ongoing speculation among traders regarding whether the SOL token has hit its cycle bottom after falling over 75% from its all-time high near $295.
Solana's app ecosystem continues to shine, generating a remarkable $21 million in weekly revenue, outpacing its rivals, including Ethereum and Hyperliquid. The last month alone saw Solana applications raking in $82.84 million, eclipsing the $67.43 million from Hyperliquid and approximately $51 million from Ethereum.
Despite this notable growth, the total value locked (TVL) on Solana remains at approximately $5.7 billion—well below its peak of nearly $13 billion in September 2025. This indicates a disconnect between active trading volumes and the broader capital commitment to the DeFi landscape on the platform.
Recent reports from Solana Floor highlighted last week’s activity as the highest ever for tokenized stock trading, significantly driven by the anticipated launch of SpaceX’s IPO token, SPCX. This monumental trading volume was not only a new record but also surpassed the total volume of the entire previous month.
As SOL grapples with fluctuating prices, analysts are divided over the asset's potential trajectory. Some traders believe SOL is approaching an attractive accumulation zone, positing that a significant historical pattern seen in Bitcoin and Ether may suggest that an 80%-85% drop could lead the token to price levels between $45 and $60.
Contrastingly, other market participants advocate for caution; they note that SOL previously took nearly 500 days to establish a solid base before its last significant recovery from the lows experienced between May 2022 and October 2023. Traders like Ryan Clark have pointed out that SOL's current positioning below essential moving averages indicates a need for further price recovery before signaling a definitive bottom.
With the market's spotlight firmly on Solana, the debate continues over whether the demand can propel SOL prices higher before a potential retreat to the $45-$60 range. As the situation unfolds, traders and analysts alike will be keenly observing the movements in this pivotal cryptocurrency market.
As always, this article is intended solely for informational purposes and should not be taken as financial advice. Readers are encouraged to conduct their own research before making investment decisions.
Source: Cointelegraph
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