Solana's SOL Token Surges 14% on Tokenized Stock Optimism, But On-Chain Data Sends Mixed Signals

Solana's SOL token price surged 14% in 24 hours to reach $72, driven by optimism around tokenized stock trading and futures positioning. This move appears constructive at first glance, but on-chain data paints a different picture.

The total value locked (TVL) in Solana has dropped 11% in the past month, while weekly decentralized exchange (DEX) volumes have collapsed from $30 billion to $10 billion since February. This decline reflects both the broader crypto bear market and a specific decrease in on-chain activity that defined Solana's growth narrative in 2025.

The tokenized stock trading volume is not yet translating into sustained network processing demand, which would justify a structural re-rating of SOL. Additionally, 30% of DApp revenue comes from Pump.fun, a memecoin launch platform with cyclical revenue and sub-48-hour token lifespans.