Despite the apparent shift, the momentum of short-term price weakness still exists.
Why has Solana surpassed Ethereum in tokenized stocks?
Solana's higher user activity and faster, cheaper transactions have pushed its tokenized stock trading volume over $800 million, capturing more than 60% of the market.
What will be the next step for Solana's price?
Short-term charts show bearish pressure, and a rebound may occur.
Solana [SOL] has just achieved a major victory in the tokenized stocks space.
The network's trading volume has surpassed $800 million, with Ethereum [ETH] being part of this process! This is significant for Ethereum's long-standing dominance in the field. But can Solana maintain its lead, or will the latter strike back?
Solana holds the majority share of the tokenized stock trading volume.
The volume of tokenized stock transfers reached nearly $1.3 billion, with Solana contributing over $807 million in funding.
This means the network accounts for over 60% of the total market share, exceeding the total of all other chains combined.
Following closely is Gnosis [GNO] with $307 million, while Ethereum lags behind with only $127 million. Avalanche [AVAX], Arbitrum [ARB], and Polygon [MATIC] have recorded almost nothing in comparison.
This marks a significant shift in market leadership, once belonging to Ethereum.
Leading
On-chain data shows why Solana was able to surpass Ethereum in tokenized stock trading volume.
As of the end of September, Solana's daily active address count has exceeded 2.5 million, far surpassing Ethereum's 747,000.
Network growth also benefits Solana, adding nearly 1.3 million new addresses, surpassing Ethereum's smaller expansion rate.
Although both blockchains maintain stable development activity, Solana's stronger user engagement appears to be a key differentiating factor.
Short-term pressure
Despite Solana's dominance in tokenized stock activity, its price trend has turned bearish in the short term.
As of the time of writing, SOL has dropped to $192, breaching the middle Bollinger Band and testing support near $193. The RSI is also hovering around 35, indicating signs of being oversold after a significant sell-off.
This could indicate that traders are taking profits after Solana (Solana) surged significantly earlier this month.
Despite the strong fundamentals of the network, charts indicate that price sentiment has cooled. If buying interest rebounds near the lower Bollinger Band, a bounce may occur.
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