Solana captures the tokenized stock market: 95% of weekly volume — new records amid weak SOL performance
Over the past week, the Solana blockchain has demonstrated dominance in the tokenized stocks segment, accounting for 95% of the total trading volume among all networks. This figure, reaching a record $1.29 billion, exceeds the total volume of the entire previous month. The key catalyst was the launch of the SPCX token, linked to the upcoming SpaceX IPO. This event triggered a wave of speculative interest, concentrating liquidity specifically on Solana.
Record Activity Amid SOL Weakness
Notably, this surge in activity is occurring against the backdrop of sluggish price dynamics for the SOL asset itself. The coin remains more than 75% below its all-time high of around $295. The total value locked (TVL) in the network holds at $5.7 billion, significantly below the peak of approximately $13 billion reached in September 2025. This creates an interesting contrast: Solana's infrastructure is actively used for new financial instruments, but the network's fundamental metrics have yet to show a sustained recovery.
Market Searching for a Bottom
Against this backdrop, traders are debating whether SOL has formed a local bottom. The growth in tokenized stock volumes may indicate increased confidence in the network as a platform for real-world assets (RWA), which could potentially boost the token's price in the long term. However, the market has yet to see a direct correlation effect: investors in SPCX and holders of SOL are different groups of participants.
Expert Commentary: Solana's record in the tokenized stocks segment is a signal for the market. We are witnessing how the network is gradually becoming the preferred platform for launching real-world financial instruments, outpacing Ethereum and other L1s. However, for sustainable SOL growth, not only targeted launches are needed, but also a recovery of overall liquidity and trust in the ecosystem. For now, this is more of a story about utility rather than the coin's price.