The Solana network achieved a new record by handling 95% of tokenized equity transactions across blockchains last week. Weekly transaction volume was recorded as 1.29 billion dollars. This rise comes as SOL price is trading more than 75% below its all-time high of around $295.
Stands out in revenue and transaction volume
According to the data, Solana reached $21 million in weekly application revenue, surpassing Ethereum, Hyperliquid and Base. In the last month, the revenue generated by applications on Solana was 82.84 million dollars. During the same period, Hyperliquid generated $67.43 million in revenue and Ethereum generated approximately $51 million.
The network has also gained attention in tokenized stock transactions. According to data from Solana Floor, Solana had the strongest week in its history in this space, accounting for 95% of transactions across all networks with $1.29 billion in volume. Solana Floor is known as an independent publishing platform focused on the Solana ecosystem.
According to data shared by Solana Floor, last week’s tokenized stock volume surpassed the previous month’s total, and SpaceX’s IPO token SPCX was decisive in this increase.
One of the biggest factors in this jump was the launch of the SPCX token, which was offered based on SpaceX’s IPO. Last week’s volume also exceeded the previous month’s total level.
Locked total value falls short of peak
In contrast, the total value locked in Solana is around $5.7 billion. This indicator measures the total size of assets invested in decentralized finance applications and is used to track on-chain capital participation.
The current level is significantly below the peak of around $13 billion seen in September 2025. This picture indicates that although transaction activity and application revenues remain strong, the DeFi side has not yet returned to the capital size of the peak period.
Analysts are divided in the bottom debate
The main debate in the market centers on whether SOL has formed a permanent bottom. Cryptocurrency trader Ardi stated that Solana is approaching a remarkable zone for the next bull cycle. According to Ardi, SOL is down 77%, falling from a cycle peak of around $295 to $60.
Referring to the withdrawal rates seen in the past in Bitcoin and Ether, Ardi argued that a decline in the range of 80% to 85% could move SOL to the range of 45 to 60 dollars, and that this region stands out as the most attractive area in terms of accumulation.
Bluntz, who was on the more optimistic side, stated that the upward deviation compatible with the relative strength index, that is, RSI, on the weekly chart attracted attention. According to the analyst, this type of outlook often occurs near market bottoms, following sharp declines of around 80%.
A cautious approach is also on the table
On the other hand, Dyme emphasized that more caution should be exercised. The analyst recalled that Solana formed a base for approximately 500 days between May 2022 and October 2023 before its last major recovery. This similarity is interpreted as a longer horizontal course may be required before a new and permanent bottom is formed.
Trading Stable founder Ryan Clark also distanced himself from the recent optimism. Clark, also known as HORSE in the market, stated that SOL continues to trade below the 50 and 200-period simple moving averages on the weekly chart, and that exceeding the $ 90 region again could provide a stronger technical signal.
For now, the debate boils down to whether SOL demand will gain strength before the price drops to the $45 to $60 range. While on-chain data remains strong, consensus on the clear direction on the price side has not yet been formed.
