TLDR
- Solana’s price surged from $64 to $72, with futures funding rates turning bullish for the first time since June
- Trading volume for tokenized stocks on Solana reached $113M in 24 hours, though liquidity concerns persist
- Total Value Locked on the network fell 11% in the last month, with major protocols like Kamino, Raydium, and Binance Staked SOL showing double-digit declines
- DEX trading volumes collapsed from $30B in February to just $10B, while on-chain revenue reached its lowest point since December 2023
- Pump.fun accounts for 30% of all DApp revenue on Solana, yet 80% of its tokens fail within 48 hours
The Solana blockchain’s native cryptocurrency experienced a notable upswing on Friday, climbing from $64 to $72 — a 14% gain that ended a period of bearish futures market sentiment. This price recovery coincided with increased activity in tokenized stock trading on the platform.
According to Jupiter Aggregator data, tokenized equity products on Solana generated more than $113 million in trading activity over a 24-hour period. Artificial intelligence-focused tokens led the charge, although shallow liquidity pools have sparked debate about the sustainability of this trading interest.
Market analyst Michaël van de Poppe shared his perspective on the price action, highlighting several technical indicators he views as positive. He observed that SOL has established a higher low, crossed above its 21-day moving average, and formed a higher high — patterns he interprets as an attractive entry opportunity. Van de Poppe expressed confidence that SOL could breach the $100 threshold in the near term, citing relative strength he observes in the Solana ecosystem when compared against Bitcoin trading 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
Network Metrics Paint a Bleaker Picture
While the price action appears encouraging, fundamental metrics on the Solana network reveal troubling trends. Total Value Locked across the ecosystem contracted by 11% over the previous 30 days. Kamino experienced a 19% decline, Raydium saw a 17% drop, and Binance Staked SOL fell by 20%.
Decentralized exchange volumes have plummeted dramatically, sliding from $30 billion per week in early February to approximately $10 billion currently. Network revenue from on-chain activity tumbled to just $2.9 million for the week ending June 14 — the weakest performance recorded since December 2023, based on Artemis analytics.
Interestingly, daily active addresses climbed to their highest levels since March 30. This uptick could indicate users transferring assets to self-custody solutions — or alternatively, positioning themselves to liquidate holdings via centralized platforms.
Chart Formation Signals Potential Downside
From a technical perspective, SOL recently developed a double-top formation at the $75 level on the daily timeframe. This bearish pattern would be validated if the price falls back beneath $70. Should that confirmation occur, technical analysts project a near-term downside target of $61, with $50 representing a medium-term objective.
The Relative Strength Index currently registers at 48. A decline below the 40 threshold would trigger sell signals according to certain technical frameworks.
A significant 30% of Solana decentralized application revenue originates from Pump.fun. However, research from CoinGecko revealed that 80% of tokens launched on this platform disappeared within 48 hours, and 55% of participating wallets suffered losses of up to $1,000.
The competitive landscape is intensifying as well. Hyperliquid and centralized exchanges operating on alternative blockchains are entering the tokenized securities market. OKX recently announced a strategic alliance with the parent entity of the New York Stock Exchange, utilizing Ethereum-based infrastructure.
Some optimism stems from anticipated airdrops, with protocols such as OnRe ($200M TVL), Bulk ($325M open interest), and Loopscale ($79M TVL) all developing on the Solana network. SOL’s most recent visit to $80 occurred on June 1.
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