Solana has become one of the main platforms for tokenized stocks: currently, there are about 1.4 million addresses holding at least one tokenized stock product. According to Blockworks, at the end of 2025, there were about 100,000 such addresses, by July 2026 - just under 300,000, in early September - less than half a million, and then the number almost tripled to 1.4 million. An important caveat: addresses are not people, and one person can have multiple wallets.
Meanwhile, the network is earning: for the fifth consecutive week, Solana is generating more network revenue than any other first and second-level network. From October 12 to 18, it was about $6.54 million - twice as much as BNBChain ($3.23 million). Ethereum earned $2.87 million, Bitcoin - $1.5 million. All networks together - $17.31 million, of which 38% came from Solana.
However, not everything is so rosy: total revenue has been declining for a month, so Solana is winning in a shrinking contest. The holders of tokenized stocks are unlikely to explain the leadership: their number almost tripled during the same weeks when revenue was falling. Users are increasing, but they are not the ones paying the bills.
The situation with the token price is different. At the time of writing, SOL is trading around 104 - 15% below the level at the beginning of October (~122); the peak at the end of September was $125. However, since June, SOL is still almost 70% higher. But the pace has clearly slowed: RSI is at 38 compared to above 80 in August, CMF has decreased from 0.27 at the beginning of the month to −0.14. In other words, money is not flowing into the token.
Currently, Solana has users and revenue, but the price of SOL is not reacting to this.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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