Solana (SOL) achieved 95% of all tokenized equity trading activity last week, recording $1.29 billion in volume. This surge occurs with SOL trading over 75% below its all-time high of nearly $295, leading traders to question if a price bottom is forming.
The platform generated $21 million in weekly app revenue, surpassing competitors including Ethereum. Over the month, it amassed $82.84 million, significantly outpacing Hyperliquid and Ethereum.
Independent reports cite that $1.29 billion in tokenized stock trading exceeded all previous monthly volumes, driven by SpaceX’s IPO token, SPCX. The total value locked (TVL) remains around $5.7 billion.
Traders are split on SOL's future. Some believe it’s nearing a bottom, while others, like trader Ryan Clark, call for caution as SOL trades below critical moving averages. Notably, historical data indicates past recovery phases saw extended periods of sideways trading before significant upswings.
Current discussions focus on whether demand can strengthen before SOL approaches the suggested $45-$60 accumulation range, critical for traders gauging its future trajectory.