Solana still leads on-chain tokenized stock trading, but its grip is loosening even as more wallets arrive. Data from CoinGecko shows tokenized equity holder addresses on the network climbing past 800,000 while SOL itself changes hands near $119.41, down about 2 percent in the last 24 hours and nursing a 1 percent loss on the week. The mismatch between adoption and price has become the main storyline for the asset this month.
Tokenized stocks are wrapped versions of listed shares that trade around the clock on public chains. Solana has been the main venue for this trade since the segment took off earlier this year, helped by low fees that make high-frequency activity cheap. Trading desks such as Drift Protocol list perpetual markets on tokenized shares, so hedging costs stay low and activity compounds. Crucially, the flow keeps arriving even on red days, and that is what traders watch for confirmation. In Q3 2026 Solana reached $197 billion in DEX spot volume, a 16.6 percent gain and the fifth consecutive quarter in which it led every blockchain on that measure, according to CoinGecko research.
More holders, softer price
Address counts tell the adoption story directly. Tokenized stockholder addresses on Solana stood at 801,439 by the end of last week, up 88 percent from 424,894 at the start of the month, per figures reported by Yahoo Finance. Activity is rising even as the token dips. The mix traders tend to read as accumulation rather than distribution, because it means users are arriving and transacting without a rising price to attract them.
ETF flows add a second, regulated channel to the same story. Solana ETF net assets reached $1.91 billion on October 1, ahead of XRP products at $1.69 billion, after eight straight days of inflows totaling $253.98 million from September 17, according to Bitcoin.com News. With SOL’s market cap near $71.8 billion, ETF assets are the equivalent of roughly 2.74 percent of the token, a deeper institutional footprint than XRP’s 1.79 percent.
Where Solana’s money goes
The two assets reached the crossover from opposite directions over the same stretch. Solana products drew inflows through eight sessions in a row. XRP funds did not, even in their strongest week of 2026. The asymmetry matters for positioning because it shows which asset big buyers treated as a one-way door for a month.
| Asset | ETF net assets (Oct 1) | Rally in same period |
|---|---|---|
| Solana | $1.91 billion | 8 straight inflow sessions to Sep. 30 |
| XRP | $1.69 billion | Biggest inflow week, Oct 1 wobble |
Sell-side work and buy-side behavior line up on the same read. CoinEdition research rates Solana tokenized stocks as the network’s growth engine, while corporate buyers keep adding. Forward Industries said it bought 948,601 SOL during its fiscal fourth quarter, lifting holdings to 8.5 million SOL. The Solana Company, a Nasdaq-listed digital asset treasury, priced a $15 million registered direct offering at $3.433 per share with attached warrants on October 2.
Key network upgrades are also on the calendar. Solana’s Alpenglow consensus change, which targets finality of roughly 150 milliseconds against about 12.8 seconds today, is rolling out through October epoch boundaries after running on a testnet in recent weeks. Fiserv’s digital asset platform, which routes its first live use case through Solana, went live with financial institution clients on October 1.
Price tape and technicals
SOL changed hands between $117.38 and $123.23 over the past 24 hours, CoinGecko data show. A support cluster near $114.43 marks the 20-day EMA. The 20-day and 50-day EMAs are both above spot, so the short-term trend is still cooling. Volume across major exchanges totaled about $3.06 billion in the day, a drop of roughly 30 percent from the prior session, and the fourth straight day of lower totals.
Derivatives look stable. Open interest sits at $7.17 billion, down 0.34 percent in a day, and the latest funding rate is -0.0053 percent per four hours, per CoinStats, meaning shorts currently pay longs a small rate. TradingKey’s daily screen shows neutral MACD, neutral RSI and a near-oversold Williams %R, so no directional signal from momentum indicators. Traders had pointed to a projected range of roughly $111 to $124 for the week, which the tape is now tracking.
Macro backdrop still matters
The macro calendar keeps narrowing the options. A possible Fed hike on October 28, per CME FedWatch traders, alongside tariff risk, means any bounce higher needs a macro tailwind. Altcoin ETF product approvals continue to add channels. Bitcoin alone drew $2.64 billion in September through its own spot funds, so any crypto beta trade rides macro too. On the supply side, treasury companies are still accumulating. Corporate holdings of Solana-linked assets now sit in the billions, with no major liquidation signals in the last week.
Uptober, the seasonal nickname traders give to October, carries statistical weight: Bitcoin has finished the month higher in 10 of the last 13 years. Solana doubled from its June low and Chainlink is up more than 20 percent since the start of September, so the quarter’s winners are already in motion. Whether a window of stability holds into the Fed decision is the trade that decides how the rest of October plays out.
One competitive note frames the ceiling: memecoin activity has clipped at Solana’s dominance of the tokenized stock segment. Over a two-week stretch ending around August 27, Solana’s daily share of global tokenized equity volume fell from 71 percent to 30 percent, according to Blockworks, as meme markets pulled traders to rival chains. Absolute volumes have since rebuilt, but the episode shows the segment is contestable, and other chains are courting the same retail flow.
What traders watch next
The漂 issue for October is simple: if flows keep coming, $114 holds and the channel the market has ridden since mid-August stays intact. Traders describe the setup as low-leverage optimism, priced but not yet paid for. The next leg of the story should show up first in ETF daily intake and then in tokenized stockholder counts. Use of the network as a corporate treasury asset is the structural bid that has not yet run out.