Solana Surges Despite Weaker Crypto Market, Raises Demand Questions

Solana's recent surge in activity has raised questions about its underlying demand. Despite a weaker crypto market, Solana's tokenized equities and meme coin trading lifted network activity.

The platform gained around 7% over the past seven days, while Bitcoin fell roughly 4.9% and Ethereum dropped about 6%. Active addresses on Solana rose to 4.51 million, the highest level since February, according to network data.

Santiment attributed the activity spike to record growth in tokenized equities on Solana, with traders taking advantage of SOL's recovery above key technical levels and discussion around xStocks since June 26.

The Kobeissi Letter noted that tokenized stock transfer volume on the platform crossed $10 billion last week for the first time, a milestone that gave traders another reason to view Solana as more than a speculative chain.