Solana (SOL) has outperformed the overall crypto market, with prices rising over the past week amid a noticeably down week for most of the market

The data shows that SOL is getting stronger, as both real-world assets and two forms of speculation are drawing users into the network at the same time

Solana differs from the market that is adjusting downward

SOL is trading at about $73.54, up roughly 7% over the past 7 days, while Bitcoin (BTC) is down about 4.9% and Ethereum (ETH) is down about 6% over the same period

This upward adjustment coincided with an increase in the number of network users. The number of active addresses—which clearly indicates how many users are on the network—rose to 4.51 million addresses on Solana, the highest level since February

There are two main sectors that appear to be driving the rise in activity. According to Santiment data, this interest is driven by the remarkable growth of tokenized stock tokens on Solana and increased discussion about xStocks since June 26, along with SOL rebounding above key technical levels

The Kobeissi Letter highlights that last week, the amount of tokenized stock transfers on this platform surpassed $10 billion for the first time

Bigger than that: Solana is becoming the go-to network for real trading activity… If this momentum continues into next week, it will be further evidence that the recent SOL rebound is supported by real network activity, Santiment said

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NEWS: @Solana recorded its biggest week ever in tokenized equities, reaching a record $1.36B in trading volume and capturing 96% of all tokenized trading activity across chains. pic.twitter.com/DCmxtyxduS

— SolanaFloor (@SolanaFloor) June 29, 2026

Ansem Airdrop sparks the memecoin on Solana

Besides growth in stock tokens, you should also note that the surge in activity on Saturday came alongside a statement by the crypto influencer Ansem, saying he would distribute airdrop coins from the fees he earns from his Pump.fun profile

As BeInCrypto reported earlier, memecoin Black Bull (ANSEM) surged by nearly 20,000% within the week after the news broke. The influencer distributed more than 67.3 million ANSEM tokens, worth about $9.4 million, to wallets numbering over 700—and he also announced that there would be another airdrop round today

But Lookonchain said the distribution is highly concentrated: nearly 50 million tokens were allocated to just seven wallets. Those wallets have already sold 38.3 million ANSEM tokens worth around $1.29 million, while still holding another 11.6 million tokens worth approximately $1.62 million

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Is $ANSEM's token distribution already flashing red flags?Over 67.3M $ANSEM ($9.4M) was distributed to 700+ wallets, per Lookonchain.But nearly 50M tokens went to just 7 wallets.Those wallets have already sold 38.3M $ANSEM, cashing out $1.29M, while still holding 11.6M… https://t.co/AqONZfte1g pic.twitter.com/OqveHuhNTQ

— BeInCrypto (@beincrypto) June 30, 2026

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However, this airdrop appears to have boosted memecoin activity across the Solana ecosystem. Data from DefiLlama shows that trading volume on Solana DEX more than doubled—from $1.16 billion on June 27 to $2.5 billion on June 29

Pump leads among Solana’s decentralized exchanges, with $510.9 million in trading volume over the past 24 hours and $4.22 billion over the past seven days. These figures suggest that memecoin trading is a key factor driving the surge in network activity

Both trends point in the same direction. Solana can absorb huge amounts of capital through tokenized stocks and the inflow of speculative flows via memecoins at the same time—and all of it converges back onto the same blockchain

The question that still needs to be watched is sustainability. Tokenized stock trading volumes depend mainly on interest in SpaceX, SanDisk, and Micron, while the momentum of memecoins can also be linked to events caused by a single influencer

Whether it’s the number of moving addresses or the volume of DEX trading, will these levels hold up after these catalysts fade? This will indicate whether SOL’s rebound reflects sustainable usage or just a short-cycle wave of attention

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