Solana is absolutely dominating the tokenized equity scene right now, capturing a staggering 95% of all trading activity across every blockchain last week. That’s $1.29 billion in volume — more than the entire previous month combined — and it was largely fueled by the launch of SpaceX’s IPO token, SPCX.
Here’s the thing though: SOL is still trading more than 75% below its all-time high near $295. So traders are split. Is this the bottom, or is there more pain coming?
On the bullish side, trader Ardi points out that historical drawdown patterns for Bitcoin and Ether suggest an 80-85% decline would put SOL in the $45-$60 range — which would be a prime accumulation zone. Bluntz Capital sees a bullish divergence forming on the weekly RSI after an 80% drawdown, which typically shows up near market lows.
Not everyone’s convinced. Trader Dyme notes that Solana spent roughly 500 days building a base between 2022 and 2023 before its last big recovery, suggesting this could be a longer grind. And Ryan Clark (aka HORSE) points out SOL is still sitting below both the 50 and 200 weekly moving averages — a move above $90 would be a stronger signal.
Meanwhile, Solana’s app revenue hit $21 million last week, beating Ethereum, Hyperliquid, and Base. Over the past month, Solana apps pulled in $82.84 million. Total value locked sits around $5.7 billion, well below the $13 billion peak from September 2025.
So activity is strong, revenue is flowing, but the price debate is very much alive. The $45-$60 zone is where everyone’s eyes are now.
