Solana traded near $95 following a rebound from the $60 region, with market watchers eyeing resistance levels between $114 and $116. On-chain data from Token Terminal places Solana's tokenized-stock DeFi deposits at $75.4 million, representing 64.5% of the tracked market and outperforming competing networks such as Ethereum, BNB Chain, and Base.
The network's real-world asset metrics also showed notable movement, attracting $263 million in 30-day inflows up to August 19, while Ethereum recorded $337 million in outflows over the same timeframe. Total real-world asset values on Solana crossed $4 billion by August 23, driven in part by tokenized Treasuries that rose 16.1% to $1.2 billion. Additionally, Solana handled approximately 95% of global on-chain equity decentralized exchange activity, generating $5.8 billion in spot volume during the second quarter.
Despite strong on-chain activity, analysts note that tokenized asset usage does not automatically create token scarcity. The network burns roughly 650 SOL daily while issuing nearly 60,000 SOL, meaning fee destruction offsets only about 1% of new issuance without a fixed supply ceiling.
On the technical front, SOL traded near the 23.6% Fibonacci retracement level at $95.13. Analysts monitoring Elliott Wave structures suggest that holding this level could preserve a short-term bullish count toward $114 to $116, provided the asset breaks immediate resistance near $99 to $100. Conversely, a break below $95.13 could expose support at the 38.2% retracement level of $90.69 and the 50% level at $87.26, with invalidation tied to a decisive drop below the recent $60-area correction low.
