SOL reclaims $72, but onchain data flags weakening momentum
SOL rebounded to about $72 after touching $64, helped by optimism around rapid growth in tokenized stock trading and higher bullish leverage in futures. Solana tokenized stocks topped $113 million in 24-hour volume, and xStocks TVL rose 31%, but liquidity remains thin and competition is increasing. Network fundamentals look weaker: Solana TVL fell 11% in the past month, with declines in Kamino, Binance Staked SOL, and Raydium partly offset by xStocks growth. Weekly DEX volume dropped to about $10 billion from $30 billion in early February, alongside lower DApp revenues, suggesting reduced demand for SOL as a network asset. A large share of DApp revenue still comes from Pump.fun, tying activity to memecoin speculation. Funding rates turned positive but remain in a neutral range, implying improved sentiment without excessive conviction. Potential airdrops support interest, but SOL’s path back to $80 looks uncertain amid stronger competition from Hyperliquid, centralized exchanges, and rival blockchain ecosystems.
