Solana is winning on users and revenue, so why is SOL down 15%?

Solana [SOL] used to be a hub for memecoins. Lately, it’s become a marketplace for tokenised stocks.

Is that why the platform is winning?

Solana tokenised stock holders at 1.4 million

According to data from Blockworks, about 1.4 million addresses now hold at least one tokenised equity product on Solana.

For most of the year, things went slow; from around 100K in late 2025 to just under 300K by July 2026. Then, September 2026 showed up.

Towards the start of the month, the number was still below half a million. Now, it’s nearly tripled!

Quick reality check though. Addresses aren’t people, and one person can easily have multiple wallets. However, even so, the chart has been going straight up, and Solana’s making money off of it.

For the fifth week in a row, it earned more network revenue than any other L1 and L2. Between 12th and 18th October, that was about $6.54 million. BNB Chain [BNB] was second at $3.23 million, so Solana made 2x. Ethereum [ETH] came in at $2.87 million, and Bitcoin [BTC] at $1.5 million.

All chains together made $17.31 millon, and 38% of that was just Solana!

However, it’s not been all sunshine and rainbows. Total revenue has been dropping for a month, so Solana’s just winning a smaller fight.

So, are stocks what’s keeping Solana on top? Not quite, or at least not yet. Stock holders nearly tripled over the same weeks that Solana’s revenue fell.

They’re adding users, but they’re not why the bills are being paid.

Where does SOL’s price action stand?

So, the network is on a roll. What about the token though? Well, not so much.

At press time, SOL was trading at $104. Towards the start of October, it was valued at near $122 — A 15% drop in under three weeks. In fact, the late September peak was $125.

Worth pointing out, however, that SOL is still valued way above its June price. In fact, it has risen by almost 70% since.

However, the pace has clearly sputtered. The RSI was at 38 at press time, while it was above 80 back in August. The CMF had a reading of 0.27 earlier this month, before falling down to -0.14. Simply put, money’s not been coming in.

Right now, Solana’s got the users and the revenue. However, SOL’s price action is turning a blind eye to all that.

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Final Summary

• About 1.4 million addresses now hold tokenized stocks on Solana.
• Solana led all chains in network revenue for a fifth straight week.