Solana posted its strongest week yet in tokenized stocks. Data cited by independent analytics platform Solana Floor showed the network handled $1.29 billion in tokenized stock transactions last week, equal to 95% of global network volume in this segment.
The jump was tied largely to the launch of SPCX, a token designed to give exposure to the upcoming SpaceX IPO. Solana Floor said last week’s tokenized stock volume was greater than the entire total from the previous month. That is a sharp move in a very short window.
Weekly app revenue climbed to $21 million
Solana also led rival chains in application revenue. The network generated $21 million in weekly app revenue, ahead of Ethereum, Hyperliquid, and Base. Over the past month, applications on Solana brought in $82.84 million, while Hyperliquid recorded $67.43 million and Ethereum posted about $51 million.
Those figures point to strength beyond trading headlines alone. Activity on Solana has been translating into revenue at the application layer, and the network is now leading both in tokenized stock volume and in near-term app earnings among the names cited in the report.
TVL is still well below the earlier high
Even with that burst in activity, capital locked on the network has not returned to its prior peak. Solana’s total value locked stands at around $5.7 billion. This metric tracks assets committed to DeFi applications and is widely used as a measure of on-chain capital participation.
The gap versus the previous high remains large. Solana’s TVL was close to $13 billion in September 2025, which means current trading activity and revenue growth are running ahead of the recovery in DeFi capital. Users are active. The capital base is still smaller than it was at the peak.
Traders are split on whether SOL has found a floor
That disconnect is feeding debate around SOL’s price outlook. Trader Ardi said Solana is moving into a critical zone for its next bull cycle, noting that SOL has fallen about 77% from its cycle high of $295 to $60.
Using historical drawdowns in Bitcoin and Ether as reference points, Ardi argued that a typical 80% to 85% decline could place SOL in the $45 to $60 range, which he described as the most attractive accumulation area. Bluntz took a more constructive technical view and pointed to a bullish divergence on the weekly RSI, a setup he said often appears near market bottoms after roughly 80% corrections.
Cautious voices are watching time and the $90 level
Not everyone sees an immediate bottom. Dyme noted that before Solana’s previous major rally, the asset spent roughly 500 days consolidating between May 2022 and October 2023. That history leaves room for a longer sideways phase before a durable bottom is established.
Trading Stable founder Ryan Clark, known as HORSE, also urged restraint. He said SOL remains below its 50-week and 200-week simple moving averages on the weekly chart, and argued that a move back above $90 would offer a more convincing signal for bulls. For now, strong on-chain metrics are colliding with a market that still has no clear consensus on SOL’s next decisive move.