TLDR
- SOL jumped from $64 to $72, with bullish futures funding rates reaching their highest level in June
- Tokenized stocks on Solana hit $113M in 24-hour volume, but thin liquidity raises concerns
- Solana’s TVL dropped 11% over the past month, with Kamino, Raydium, and Binance Staked SOL all declining
- Weekly DEX volumes have fallen from $30B in February to $10B, and on-chain revenues hit a low not seen since December 2023
- 30% of DApp revenue depends on Pump.fun, with 80% of tokens launched there lasting under 48 hours
Solana’s native token SOL climbed from $64 to $72 on Friday, a 14% move that reversed a stretch of negative futures funding rates. The bounce came alongside growing interest in tokenized stock trading on the network.
Tokenized stocks on Solana recorded over $113 million in 24-hour trading volume, according to Jupiter Aggregator. The AI sector drove much of that activity, though thin liquidity in the underlying pools has raised questions about how deep that demand really is.
Crypto analyst Michaël van de Poppe weighed in on the move, pointing to technical signals he sees as encouraging. He noted that SOL has made a higher low, broken above its 21-day moving average, and posted a higher high — all signs he reads as a buy-the-dip setup. Van de Poppe said he believes SOL could trade above $100 soon, based on strength he sees across the broader SOL ecosystem when measured against BTC pairs.
I think that we're going to see more strength from the enitre $SOL ecosystem.
I look at the BTC pairs to see whether there's strength within the entire industry.
Technically; I think that we're going to see a strong upwards trend.
➡️ It has made a higher low.
➡️ It has made a… pic.twitter.com/rCiLVZMvB7— Michaël van de Poppe (@CryptoMichNL) June 27, 2026
On-Chain Data Tells a Different Story
Despite the price bounce, the underlying data on Solana looks weaker. The network’s Total Value Locked dropped 11% over the past month. Kamino fell 19%, Raydium dropped 17%, and Binance Staked SOL declined 20%.
Weekly DEX volumes have fallen from $30 billion in early February to around $10 billion now. On-chain revenues dropped to $2.9 million for the week ending June 14, the lowest reading since December 2023, according to Artemis data.
Daily active users did spike to their highest level since March 30. That could mean holders are moving assets to cold storage — or it could mean they are preparing to sell through centralized exchanges.
Technical Pattern Raises Downside Risk
SOL recently formed a double-top pattern at $75 on the daily chart. Confirmation of the pattern would come if price drops back below $70. If that happens, analysts see $61 as the near-term target, with $50 as a mid-term possibility.
The RSI sits at 48. A drop below 40 would be read as a sell signal by some analysts.
30% of Solana DApp revenue still comes from Pump.fun. A CoinGecko report found 80% of tokens on the platform lasted under 48 hours, and 55% of wallets lost up to $1,000.
Competition is growing too. Hyperliquid and centralized exchanges on other chains are moving into tokenized stocks. OKX recently formed a partnership with the NYSE parent company using Ethereum-based systems.
Airdrop anticipation is adding some optimism, with projects like OnRe ($200M TVL), Bulk ($325M open interest), and Loopscale ($79M TVL) all building on Solana. SOL last traded at $80 on June 1.
