Solana racked up nearly all tokenized stock trades on spot decentralized exchanges last week, but the network's own token is stuck near a price floor not seen since late 2023. On June 20, Solana accounted for roughly 99% of the roughly $220 million in tokenized equity volume — a reminder that despite a brutal price slide, the blockchain still draws the bulk of activity in this niche corner of crypto.
Solana's grip on tokenized stocks
Decentralized exchanges that list tokenized shares of companies like Tesla or Apple saw their biggest day in months on June 20, and nearly every trade ran over Solana. The blockchain handled the vast majority of the $220 million in volume, leaving a sliver for competitors such as Ethereum, Polygon, and others. The data underscores Solana's continued appeal for speed-sensitive trading: the network's low fees and fast finality make it a natural home for asset tokens that mimic stocks.
Still, the boom in tokenized equities hasn't lifted SOL itself. The token trades at $73.86, down 45% over the past year. Its monthly Relative Strength Index — a momentum gauge that measures how fast prices have moved — hit 41.84 in June, the lowest reading in SOL's entire history. A reading below 30 is often considered oversold, but the RSI's historic low suggests sellers have been relentless.
Price action hits a familiar zone
SOL is now retesting the same price area it held in December 2023, just above $74. The token had been grinding inside a rising parallel channel for most of 2026 before breaking down in early June. That breakdown hit its measured target just above $60 before bouncing back to current levels. The recovery brought SOL back toward the broken channel's lower band, which now acts as resistance around $80.
Technicians call that a bearish retest — a former support line that flips into resistance. If buyers can't push through $80, the path of least resistance points lower. Long-term support sits near $50, a level that held during several shakeouts in 2023 and 2024. On the upside, resistance after $80 is the round $100 mark, a psychological barrier that has capped rallies since early this year.
Active addresses drop sharply
The price weakness coincides with a steep drop in daily active addresses on Solana. The count peaked near 5.5 million in early February and has since fallen to about 2.55 million. That's a decline of more than half in roughly four months. Fewer active addresses typically means less demand for the token, as fewer people transact on the network or hold SOL for gas fees.
The drop in user activity mirrors the broader downturn in crypto markets, but Solana's decline has been particularly sharp. The token was one of the best performers in 2025 and early 2026, and its fall from grace has been swift. Whether the current price zone holds will depend on whether the tokenized stock boom can bring real buyers back to SOL, or whether the network's users continue to fade.
The next real test comes at $80. If SOL can break through that level, the bearish channel retest fails and bulls regain some footing. If it stalls, the token may slide back toward the $60 area or lower. For now, the market is watching whether the blockchain that dominates tokenized stocks can stop its own token's slide.
