Robinhood Markets’ stock fell sharply last week, reaching its lowest level since June 26, even as the company’s recently launched blockchain network continued to gain traction in decentralized finance during the ongoing crypto winter.

HOOD stock declined to about $94.50, well below this month’s high of $120, with investor attention shifting to the company’s upcoming earnings report later this week.

HOOD Stock Retreats Despite Robinhood Chain Growth

Robinhood shares have underperformed the broader market this year. After reaching a peak of $153 last year, the stock has fallen to around $94.50. The decline has come despite the company launching multiple products and joining the S&P 500 Index.

Robinhood Chain, one of the company’s newest products, has continued to expand this month. DeFiLlama data shows that the network has quickly become the 15th-largest chain by total value locked, or TVL, with $330 million in assets across 111 protocols.

TVL is a commonly used DeFi measure that tracks the value of assets deposited in protocols on a network. While it does not capture all user activity or revenue, it is often watched as an indicator of liquidity and developer adoption across blockchain ecosystems.

That level of TVL places Robinhood Chain ahead of several well-known networks, including Optimism, Cronos, Stellar, Ink, and Near Protocol. It also ranks above Cardano, one of the more widely recognized names in the crypto industry.

The layer-2 network has also recorded growth in other metrics. Stablecoins on the network have risen to $483 million, a notable increase for a recently launched chain. Most of those stablecoins are USDC tokens.

If the pace of growth continues, Robinhood Chain could become one of the more widely used chains in a sector that some analysts expect to keep expanding. Some analysts have projected that stablecoins could reach $4 trillion in market capitalization by 2030.

Robinhood is also gaining a presence in the decentralized exchange, or DEX, market. DeFiLlama data on DEX chains shows that Robinhood Chain has become the fifth-largest chain in the DEX sector, behind Ethereum, BSC, Solana, and Base.

Since launch, the chain has processed more than $11 billion in transactions. The figure is notable compared with Base, which has operated for years and has handled $22 billion.

Robinhood’s goal is for the chain to strengthen its position in the real-world asset, or RWA, market over time. The company is already offering hundreds of stocks and exchange-traded funds through Arbitrum. The RWA market has become a major focus for crypto platforms because it connects blockchain infrastructure with traditional assets such as equities, funds, and tokenized cash-like instruments.

Earnings Report Due This Week

Alongside the growth of Robinhood Chain, the company’s upcoming earnings report is expected to be a key focus for HOOD stock. The results will provide additional information on Robinhood’s business performance this year.

Robinhood’s revenue growth is expected to remain on an upward path, supported by higher stock-market trading volumes. Traders participated actively in financial markets as the U.S.-Iran war and the artificial intelligence boom created trading opportunities.

The company also benefited from the recent World Cup, which boosted its prediction-market business. As a result, the average analyst estimate is for revenue to have risen by nearly 30% in the second quarter to $1.28 billion. The most optimistic analyst expects revenue to reach $1.38 billion, according to Yahoo Finance analyst data.

However, Robinhood’s crypto business is expected to remain a weak spot in the earnings report. That segment is expected to soften further amid the crypto winter. Investors are likely to compare activity in the core brokerage business with newer areas such as crypto, prediction markets, and blockchain-based products to assess how diversified Robinhood’s growth has become.

HOOD Stock Technical Analysis

The daily chart shows that HOOD stock has dropped over the past few days, moving from a monthly high of $120 to about $94.91. The pullback followed the formation of a rising wedge pattern, which is created by two ascending and converging trendlines.

The stock has also fallen below the 38.2% Fibonacci retracement level and the 50-day exponential moving average, or EMA. Those technical indicators suggest that the stock may continue to decline in the near term. If that move continues, the stock could drop to the 61.8% retracement level at $85.50.

Conversely, a move above the key resistance level of $110 would point to further gains. That level is potentially the highest point for the stock this year.