Solana’s On-Chain Expansion Keeps Building as Price Action Lags Behind
Published on 07/17/2026 at 06:05 | Redaktion boerse-global.de
Solana’s biggest story right now is not the chart. It is the network’s growing role in tokenized finance, where the blockchain has pushed past 300,000 wallets holding real-world assets and taken the lead among major chains in that segment. Yet SOL itself continues to trade in a narrow and fragile range, underscoring the gap between on-chain momentum and market pricing.
By 16 July 2026, Solana had overtaken Plume, Ethereum and BNB Chain to become, according to Cointelegraph, the blockchain with the most holders of tokenized real-world assets. The total reached 300.130 addresses. The distributed RWA value stood at around 3.32 billion dollars, after briefly rising to 3.62 billion dollars in early July. RWA.xyz data also showed net inflows of more than 900 million dollars over the previous 30 days, the largest increase among the major blockchains. In June 2026, more than 96 percent of all tokenized stock trading on blockchains took place on Solana, with spot volume of 3.47 billion dollars, according to Crypto Economy.
That leadership has been reinforced by institutional activity. SBI Global Asset Management launched the JX-Token on 14 July 2026 together with licensed infrastructure provider DigiFT, marking the first Japanese equity fund to go on-chain. The product is the SBI Japan High Dividend Equity Fund, which has managed about 220 billion yen in net assets since December 2023. Settlement initially runs in USDC, with a later integration of the yen-linked stablecoin JPYSC planned. Two days later, SBI Group announced a separate partnership with Ondo Finance, under which Ondo Global Markets will issue tokenized Japanese shares for distribution through SBI’s banking, brokerage and asset-management network. JPYSC, which has been operating under the supervision of Japan’s JFSA since the end of June 2026 with starting capital of 10 billion yen, will also be used for settlement there. SBI’s chief executive described the effort as building a “global corridor for digital assets.”
A broader mix of asset classes is also contributing to the rise. The value of tokenized assets on Solana has climbed from 1.4 billion US dollars in January to 3.45 billion US dollars, driven mainly by tokenized US Treasuries, private credit and equities. Monthly transfer volume increased 34.53 percent to 7.65 billion US dollars, a sign that institutional use of the infrastructure is deepening even as the token’s price remains subdued. Solana continues to lead decentralized exchange trading as well, with 1.14 billion US dollars in 24-hour volume, more than any other Layer-1 competitor.
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Infrastructure upgrades are helping to support that trend. Solana processed its first one billion non-vote transactions within a week, and the network is currently handling around 1,100 transactions per second. Active addresses are testing year highs at close to 7 million. The next milestone is Alpenglow, the consensus upgrade expected to be fully activated in the third quarter of 2026. It is designed to cut transaction finality from around 12 seconds to roughly 150 milliseconds, positioning Solana for high-frequency trading and automated AI-agent economies.
Stablecoin liquidity is also expanding. Circle added another 500 million dollars in fresh USDC to Solana on 16 July 2026, taking cumulative USDC minting on the network in 2026 to just over 70 billion dollars. The amount currently in circulation is between 7.7 and 8.6 billion dollars. A day earlier, Circle had minted an additional 250 million dollars of USDC directly on Solana, lifting year-to-date issuance to more than 66.76 billion dollars. Mastercard has meanwhile broadened support for regulated stablecoins including USDC, PYUSD and RLUSD across several networks, Solana included, allowing settlement on weekends and holidays.
Still, the market is not rewarding the fundamentals. SOL is currently changing hands at 74.86 US dollars, down 1.20 percent, while the secondary article pegged the price at 75.65 US dollars after a 2.68 percent daily decline. The token is 17.56 percent below its 200-day average, and the longer trend remains weak: the 52-week high from 21 September 2025 is 70.39 percent above the current level. Another reading put SOL just over its 50-day average of 73.83 US dollars, but still about 17 percent under the 200-day average of 91.05 US dollars.
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Derivatives and fund flows have offered little relief. Spot Solana ETFs recorded a 707,100 dollar outflow on 15 July 2026. A prediction market assigned only an 11 percent chance that SOL would reclaim 90 dollars by the end of July 2026. Technical observers are watching 75 US dollars as a key support area, with one set of targets pointing to 98 and 120 US dollars on the upside if the level breaks higher, and to 70, 60 to 65 or even 32 US dollars if it fails. Another view flags 74.81 US dollars as an important Fibonacci retracement level, with 80 to 84 US dollars as the next upside zone if it holds, and roughly 72 US dollars as the next support if it does not.
There is also a cautionary note from the listed market. SOL Strategies, a company that runs validators and staking services on Solana, fell 5.92 percent on 15 July 2026, pressured by broader crypto volatility, concerns about excessive concentration on Solana and revised financial reporting.
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