Solana SOL Holds Near $72 as Tokenized Stocks Grow
Solana’s SOL is holding steady in the $71–$74 range and rebounded to around $72 despite weakening on-chain fundamentals. The article points to a clear divergence: traditional Solana DeFi is sliding, but tokenized stock trading is expanding and offsetting the weakness.
Key on-chain metrics cited include Solana total value locked (TVL) falling to about $4.8B from prior peaks above $12B (over a 60% drop). DEX volumes also dropped roughly 31% quarter-over-quarter in Q1 2026. Yet SOL strength persists, suggesting traders are increasingly pricing tokenized equities as a credible growth vector.
Tokenized stock activity is the main driver. On June 20, Solana captured about 99% of all tokenized stock DEX trades. Daily tokenized stock volumes on Solana have exceeded $200M, and weekly volumes recently crossed $1B. Backed Finance has been a major contributor, issuing 61 tokenized equity assets on Solana. Ondo Global Markets has also expanded to bring tokenized US stocks and ETFs onto the chain.
For SOL traders, the article highlights two watchpoints: (1) the growth rate of tokenized equity volumes on Solana, and (2) whether Solana TVL stabilizes around $4.8B or continues declining.
Bullish
Bullish, because SOL is resisting broader weakness in core DeFi metrics. Historically, SOL has shown that when a single high-throughput use case (e.g., DeFi liquidity surges, NFTs, or later large-scale RWAs narratives) captures meaningful volume, price can hold up even as TVL/DEX volumes soften. Here, tokenized stock trading is supplying that “volume bid”: Solana’s near-99% share of tokenized-stock DEX trades and $1B+ weekly volumes provide a concrete growth engine rather than a purely speculative narrative.
Short term: traders may continue to buy/hold SOL while tokenized equities momentum remains strong, even if TVL continues declining—creating a divergence trade (on-chain DeFi down, SOL price stable/up). Watch for rotation risk: if tokenized-stock volumes flatten or migrate, the support could weaken quickly.
Long term: if institutional issuers like Backed Finance and Ondo scale issuance and deepen liquidity, Solana’s fee/usage potential can broaden beyond classic DeFi. That could stabilize TVL over time and make SOL’s volatility lower relative to the sector. Conversely, continued TVL erosion without tokenized-stock acceleration would eventually pressure SOL.