The market capitalization of tokenized real-world assets (RWA) on Solana rose from around $700 million to $4.3 billion in one year, but the ecosystem’s expansion has yet to translate into a clear price increase for SOL.
Application revenue and trading activity on Solana both increased in the third quarter. However, SOL remains under pressure on the price chart, with the $95–$100 demand zone serving as a key level for assessing whether its long-term bullish structure can hold.
KEY TAKEAWAYS
Solana's RWA market is about 26% the size of Ethereum's, despite growing relatively faster over the past year.
Application revenue reached $299.1 million, up about 48% from the previous quarter.
SOL needs to hold the $95–$100 demand zone and attract more buying pressure to break through resistance.
SOL price is testing the $95–$100 demand zone
SOL is testing the $95–$100 demand zone after breaking below a bearish pennant pattern. Holding this price area is crucial to the long-term bullish structure.
At the time of writing, SOL was still trading just above the 100-day and 200-day exponential moving averages (EMAs). The long-term structure is therefore still considered bullish, but could weaken if the demand zone is breached.
SOL technical levels at the time of writing Level or signal Status $95–$100 demand zone Bearish pennant pattern Price has broken below the pattern 100-day and 200-day EMAs SOL is trading just above both averages
Source: TradingView
SOL needs buying pressure to break through resistance; RWA growth and application revenue do not mean the price will rise immediately. If buyers defend the support zone and maintain demand, improvements in the ecosystem could strengthen the possibility of a move toward resistance.
Solana's RWA market is growing quickly, but remains smaller than Ethereum's
Solana's RWA market capitalization reached $4.3 billion, about 26% of Ethereum's. Solana grew relatively faster over the past year, but the gap in absolute value remains large.
Comparison of RWA market capitalization on Solana and Ethereum over one year Network Starting point Ending point Solana About $700 million $4.3 billion Ethereum $15.5 billion $16.6 billion
Solana is closing the gap with Ethereum in tokenized assets. However, RWA expansion should be considered separately from SOL price movements, as the market still needs buying pressure to translate ecosystem improvements into price momentum.
Source: X
Q3 application revenue rose 48%, largely driven by trading
Solana application revenue reached $299.1 million in Q3, up about 48% from the previous quarter and the highest since Q3 2025, according to a report published by Solana on X.
Most revenue came from consumer-facing applications and trading-related activity. This revenue can fluctuate with speculative activity and user interest, so its sustainability remains something to monitor.
Source: Blockworks
Solana also recorded a quarterly high in tokenized stock trading volume. Activity on decentralized exchanges (DEXs) and total network transactions continue to reflect the scale of ecosystem usage.
Solana activity metrics in Q3 Metric Recorded value Application revenue $299.1 million, up about 48% from the previous quarter Quarterly tokenized stock trading volume Record $7.1 billion Tokenized stock trading volume in September Record $4.4 billion DEX spot trading volume About $189 billion, according to DefiLlama data Total network transactions processed Record 14.2 billion transactions Transactions per second About 1,790
Source: Blockworks
Conclusion
Solana recorded strong growth in RWAs, application revenue, and trading activity, but SOL's price has yet to clearly reflect this expansion. The ability to hold the $95–$100 demand zone, buying pressure at resistance, and the durability of application revenue are factors to continue monitoring.
Source: https://tintucbitcoin.com/doanh-thu-ung-dung-299-trieu-usd-tin-tot-quy-3-co-day-gia-sol-tang/
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