Solana’s SOL Reclaims $72, but Onchain Data Signals Weakening Momentum

Solana is a high-speed blockchain widely used for decentralized finance, memecoin trading and payments. Its transaction count is closely watched as a gauge of demand across the network, while growth in tokenized real-world assets, or RWAs, points to broader institutional and financial use. Rising activity can also bolster sentiment toward SOL, the blockchain’s native token, though transaction volume alone does not measure economic value.

The Solana network processed a record 4.2 billion transactions in July, an increase of 13.5% from the previous month. The value of RWAs on the blockchain also approached $4 billion. Against a backdrop of surging network activity and a broader recovery in cryptocurrency markets, SOL rallied about 40% over an eight-day period and moved back above $100.

Solana is a public blockchain designed for high-speed, low-cost transactions, and SOL is its native token. Backpack’s recent launch of tokenized stock trading, alongside renewed activity in memecoins and prediction markets, has boosted DeFi usage and stablecoin liquidity. With the broader altcoin market weakening, SOL’s independent rally has become a key test of whether onchain demand can be sustained.

Cumulative transfers of tokenized stocks on Solana surpassed $10 billion on June 23, 2026. RWA.xyz data showed that the value of tokenized assets on the network rose to $3.5 billion on July 1. SOL touched $83 on July 3, marking a 30-day high, but Laevitas data showed that the annualized futures funding rate fell to 3% from 11% two days earlier, leaving the market cautious about a break above $90.

Tokenized stocks map traditional equity interests onto blockchains, enabling round-the-clock trading and faster settlement. Solana has emerged as the leading network for such assets because of its low costs and high throughput. DefiLlama data showed that Solana applications generated $82.84 million in revenue over the past 30 days, ahead of Hyperliquid's $67.43 million and Ethereum's approximately $51 million. The figures indicate that onchain activity has not weakened in step with the token's price.

Solana Floor said tokenized-stock trading volume on Solana hit a record $1.29 billion in the week ending June 21, 2026, accounting for 95% of volume across all chains and exceeding the previous full month's total. Activity was driven mainly by SPCX, a SpaceX IPO token. When the report was published on June 22, SOL had fallen 77% from a high of about $295 to $60. Trader Ardi viewed $45–$60 as an accumulation zone, while Trading Stable founder Ryan Clark said a return to $90 would offer a clearer signal.

Solana is a public blockchain known for high throughput and low fees, while SOL is its native asset, used to pay fees and participate in staking. Although SOL is down 72% from its all-time high, Solana's on-chain trading volume and network revenue continue to outperform most rivals. Whether the token's price fully reflects underlying demand for the network has therefore become central to the market's reassessment of its long-term value.

The latest data show that decentralized exchange (DEX) volume on Solana remains strong and on-chain revenue continues to be competitive, highlighting a divergence between price and fundamentals. Meanwhile, inflows into spot SOL ETFs have recently slowed, weakening near-term buying momentum. The reports did not provide a statistical cutoff date, ETF inflow figures or DEX trading volume; the only confirmed quantitative measure at this stage is SOL's 72% decline from its all-time high.