Solana’s SOL token rebounded to $72 after a brief dip but onchain data suggests weakening momentum. While the network saw growth in tokenized stock trading, key metrics like TVL and DEX volumes point
On June 27, 2026, Solana’s native SOL token surged to $72 from a recent low of $64. This rebound was driven by the booming market for tokenized stocks on its blockchain network. However, underlying metrics indicate that this recovery might be short-lived. The total value locked (TVL) and decentralized exchange (DEX) volumes have shown signs of decline over the past month.
Solana’s tokenized stock trading saw significant activity; 24-hour trading volume reached $113 million according to Jupiter Aggregator data. This growth was fueled by increased interest in AI-related stocks, but concerns about liquidity and competition from other platforms emerged as key issues.
Despite the positive short-term outlook for SOL, broader metrics painted a less optimistic picture. Solana’s TVL dropped 11% over the past month, with specific projects like Kamino experiencing significant declines. Additionally, DEX volumes on Solana fell to $10 billion per week from an earlier peak of $30 billion in February.
Moreover, SOL's reliance on Pump.fun for a substantial portion of its revenue ($3 billion out of $9 billion) and the increasing competition from platforms like Hyperliquid pose challenges. A recent CoinGecko report highlighted that 80% of tokens launched within 48 hours were memecoins, with many losing value shortly after launch.
While futures funding rates suggested some bullish sentiment, reaching their highest level in June at 10%, this did not translate into sustained market strength. Analysts noted that the current rate is still considered neutral compared to historical levels of 6% to 12%. The overall picture suggests a cautious approach for traders given the mixed signals from onchain data.
For Solana’s future, key areas to watch include continued growth in tokenized stock trading and the impact of competition from other blockchain networks. Additionally, any upcoming airdrops or new projects could provide further direction for SOL's price trajectory.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.