Solana has shifted from a hub for memecoins to a marketplace for tokenized stocks, with network metrics showing strong growth that hasn't translated to token price appreciation.
According to data from Blockworks, approximately 1.4 million addresses now hold at least one tokenized equity product on Solana. The growth accelerated dramatically in September 2026, with the number of holders nearly tripling from below 500,000 at the start of the month. This growth continued into October, though it's important to note that addresses do not represent unique individuals, as one person can maintain multiple wallets.
Solana's revenue performance reflects this user expansion. The network has generated more revenue than any other layer-1 or layer-2 blockchain for five consecutive weeks through mid-October 2026. Between October 12-18, Solana earned approximately $6.54 million in network revenue, roughly double that of BNB Chain at $3.23 million and nearly 2.3 times Ethereum's $2.87 million. Bitcoin generated $1.5 million over the same period. Combined, these major chains earned $17.31 million, with Solana accounting for 38% of that total.
However, total blockchain revenue across all chains has declined over the past month, meaning Solana leads a shrinking market. Additionally, while tokenized stock holders have nearly tripled in recent weeks, this growth has coincided with Solana's overall network revenue falling—suggesting new users are not the primary driver of the platform's current earnings.
SOL token performance presents a stark contrast to network fundamentals. At press time, SOL traded at $104, down 15% from $122 in early October and below its late September peak of $125. Despite the recent decline, SOL remains approximately 70% higher than its June price.
Technical indicators suggest weakening momentum. The Relative Strength Index stood at 38 at press time, compared to above 80 in August. The Chaikin Money Flow reading fell to -0.14 from 0.27 earlier in October, indicating reduced capital inflow.
Solana currently leads major blockchains in user adoption and network revenue, yet the SOL token has not reflected this performance in its price action.
