Solana just became the go-to chain for tokenized equities, with transfer volume crossing $10B for the first time, even as SOL itself struggles to hold $68.
SOL 1D Price Action (Source: TradingView)
The daily chart shows SOL stuck well below every major moving average, with the 20-day EMA at $70.75, the 50-day at $75.44, the 100-day at $82.37 and the 200-day at $98.33. That stacking confirms a downtrend that’s been in place since the January peak near $145. Price carved a horizontal support zone between $59 and $61 in early June, bounced toward $70, then slipped back to test that zone again this week.
The Parabolic SAR at $74.75 remains above spot, keeping sellers in technical control. Key levels: support at $65.82 and the $59-$61 zone, resistance at $70.75 and then a heavier wall at $75.44 on the 50-day EMA.
SOL Derivative Analysis (Source: Coinglass)
Derivatives volume fell 6.23% to $10.82B while open interest dropped 2.86% to $5.07B, both declining together, a sign traders are stepping back rather than rotating positions. Liquidations over 24 hours hit $28.04M, split $19.24M longs against $8.79M shorts, showing bulls who bought the recent bounce got caught on the latest leg down.
The more recent picture looks calmer. Over the past hour, longs lost $183.45K against just $8.09K for shorts, a much smaller and more balanced split that suggests the heaviest forced selling has already passed through the market.
SOL Netflows (Source: Coinglass)
Spot exchange netflow data shows a shift. After months of heavy outflows through late 2025 and into early 2026, recent days show small but steady positive netflow, including $10.67M moving off exchanges on June 26. Coins leaving exchanges usually means holders are moving into self-custody rather than lining up to sell.
SOL spot ETFs paint a quieter picture. Bitwise’s BSOL saw a $3.94M daily outflow on June 25, pulling cumulative net inflow down to $1.13B across all eight funds, with total net assets at $755.51M. Most smaller funds, including Fidelity’s FSOL and Grayscale’s GSOL, saw zero net flow that day. Institutional demand has gone quiet, not reversed.
Meanwhile, tokenized equities on Solana hit a record daily volume of $553M, and cumulative transfer volume for tokenized stocks on the network broke $10B for the first time, according to Solana-focused trackers. Industry-wide, monthly tokenized stock volume hit $5.3B last month, up 44% month over month, with Solana capturing the largest share of that growth.
- Upside case: Accumulation continues, ETF flows stabilize, and SOL reclaims $70.75 on its way to $75.44.
- Downside case: The $59-$61 support zone breaks under renewed selling, sending SOL toward $55 for the first time since early 2026.
