Market Analysis: Solana Captures 95% of Tokenized Stock Trading — What’s Behind This Surge?
Over the past week, the Solana blockchain has accumulated 95% of the total trading volume of tokenized stocks among all cryptocurrency networks. This figure reached an all-time high of $1.29 billion, exceeding the total volume for the entire previous month. The main catalyst for this rapid growth was the launch of the SPCX token, pegged to the upcoming IPO of SpaceX.
This dynamic demonstrates the unique ability of the Solana ecosystem to attract institutional and risk capital, despite the overall weakness of the market. Tokenized stocks are becoming an increasingly sought-after instrument for traders looking to gain exposure to traditional assets through decentralized platforms. However, this surge in activity occurs against the backdrop of a dismal performance of the native SOL token itself.
Currently, SOL is trading more than 75% below its all-time high of around $295. The total value locked (TVL) in the Solana network hovers near the $5.7 billion mark, which is less than half of the peak value of approximately $13 billion recorded in September 2025. This divergence between activity in the tokenized asset segment and the network's fundamental metrics raises questions about the long-term sustainability of the growth.
Traders are actively discussing whether SOL has formed a local bottom, or whether the current surge of interest in SPCX is merely a temporary factor unable to reverse the bearish trend. My analysis shows that until SOL demonstrates a sustained recovery above key resistance levels, any rally driven by isolated events will be perceived by the market as a correction, not a reversal.