Solana is gaining attention as tokenized stocks bring trading onto the blockchain outside traditional market hours, with CryptoRus pointing to after-hours activity and more than 727,000 holders as signs to watch.

But the bigger question is whether that usage can spread across Solana’s network and eventually show up in SOL’s price.

Solana’s After-Hours Stock Market Faces a Token Test

CryptoRus argues that tokenized equities give crypto a practical use case because markets can keep trading after Wall Street closes. Solana says 63% of tokenized-equity activity on its network came after the closing bell, while the number of holders has passed 727,000.

That does not, by itself, prove lasting demand for SOL. As the analysis account puts it, “The decision now is whether Solana’s activity becomes durable network growth, and whether SOL’s chart begins to reflect it.”

One way to test that broader story is through chain TVL, or the value held across decentralized applications on a network. Solana’s TVL was up 6.6% to $5.86 billion, compared with Ethereum at $49.97 billion after a 56% increase. BSC, Base, Tron and Bitcoin also posted gains similar to Solana’s, at 6.7%, 6.3%, 6.2%, and 4.7%, respectively, which still kept them well below Ethereum.

The second signal comes from Ethereum itself, with spot ETH ETFs recording more than $216 million in net inflows last Friday, making it a fourth straight week in the green for the funds. According to CryptoRus, that shows that institutional crypto demand is not limited to one network, and that investors should use those flows to check if the demand persists.

“A continuing inflow trend strengthens the broader adoption case,” the analyst wrote. “A reversal would weaken this particular signal.”

The third is the wider tokenization market. As CryptoPotato reported last week, tokenized stocks such as SPY, rGOOGL and HOODb posted large gains in market capitalization, while QQQb recorded $4.5 billion in 90-day decentralized exchange volume. Across the category, DEX volume reached $15.9 billion.

“That adds weight to the 24/7 market narrative, but it is not evidence that all resulting activity will accrue to Solana,” noted CryptoRus.

SOL Still Has to Clear Its Own Price Test

SOL was around $101 at the time of writing, according to CoinGecko data, having barely moved over 24 hours, although trading volume reached roughly $2.4 billion, up 34.8% from the previous day.

The asset is down more than 3% in seven days, but was up nearly 35% across 30 days, even though the price is still below the $105 top of its seven-day range.

CryptoRus’s setup calls for a long position only above $105.32, with $98.30 as the level where the upside case can fail, and at its current value, SOL sits between those levels.

That makes the price action an important part of the tokenized-stock story. If Solana keeps attracting stock trading activity but the token stays stuck below its trading trigger, then that, according to the analyst, means that “the infrastructure story may be advancing faster than the token trade.”

Source: CryptoPotato