Solana is drawing increased attention across financial markets after Fidelity Digital Assets highlighted the network's expanding role in on-chain trading and tokenized assets in a new research report. The findings underscore Solana's growing footprint as emerging financial market infrastructure. At the same time, the SOL price faces technical pressure near the lower boundary of a descending channel, leaving traders to weigh a potential recovery against further downside.

Solana's Share of U.S. Exchange Activity Reaches 15%

Fidelity Digital Assets, the digital assets arm of asset manager Fidelity, one of the largest asset managers in the United States, examined Solana's trading activity and expanding financial ecosystem in a report titled “Solana's Competitive Advantage in Onchain Trading.” The study's findings show a significant increase in Solana's share of activity on major U.S. exchanges.

According to the report, Solana now accounts for approximately 15% of trading activity across major U.S. exchanges, up sharply from just 0.30% in 2022. The network also briefly surpassed the New York Stock Exchange (NYSE) in weekly trade executions, a measure of its growing transaction capacity and rising relevance in financial markets.

Source: Solana's X post

The figures reflect the broader expansion of blockchain-based trading infrastructure. Still, comparisons between Solana and traditional exchanges require context, as decentralized cryptocurrency transactions and regulated securities trading operate under different market structures. Even so, Fidelity's findings point to the increasing scale of activity taking place across the Solana ecosystem.

Tokenized Assets Drive Network Growth

The report also highlighted significant growth in tokenized asset trading on Solana, with monthly trading volume in the category rising from less than $100 million to nearly $5 billion — a roughly fiftyfold expansion. The expansion illustrates how blockchain networks are attracting activity beyond conventional cryptocurrency transactions.

Tokenized financial products allow traditional assets — including equities, Treasury products, commodities, and other financial instruments — to be represented and traded on blockchain networks. Tokenization has emerged as one of the main points of contact between traditional finance and public blockchains, and its growth could introduce additional participants to decentralized markets while creating new opportunities for blockchain-based financial services.

Solana's infrastructure is also attracting attention for its ability to process transactions at relatively low cost and high throughput, characteristics that could support applications requiring frequent executions. Fidelity described the network as an emerging piece of financial market infrastructure, reflecting its expanding position in on-chain trading.

SOL Price Tests Descending Channel Support

Despite the network-level momentum, Solana's growing activity has not necessarily translated into stronger short-term price performance. The SOL price remains under technical pressure as its daily chart approaches the lower boundary of a descending channel, a pattern indicating that sellers have retained control of the broader price structure. In technical analysis, a descending channel forms when price moves between two downward-sloping parallel trendlines, producing a sequence of lower highs and lower lows.

The lower boundary has become an important technical area because buyers could attempt to defend it and prevent another decline. Confirmation of a reversal, however, would require stronger buying activity to signal a genuine shift in momentum.

The setup leaves SOL facing two possible scenarios: holding the channel's lower boundary could encourage a recovery, while a decisive breakdown could expose the asset to additional selling pressure. Traders are therefore expected to watch the price reaction around this technical region closely.

Analyst Points to $96–$98 Recovery Range

Crypto analyst Wheezy Insights has also highlighted SOL's position near the lower boundary of its daily descending channel, suggesting that a successful bounce from the region could open the way toward the $96–$98 price range.

Source: Wheezy Insights' X post

The target represents a potential recovery scenario rather than a confirmed breakout. SOL would first need to attract sufficient buying interest and maintain support around the channel's lower boundary; a stronger upward reaction there could improve the short-term technical outlook.

The bearish case remains relevant if sellers push the price below support. Such a breakdown could invalidate the anticipated recovery and increase downside risks, leaving the analyst's outlook dependent on how SOL responds to its current technical structure.

What Comes Next for SOL

Solana's near-term direction will hinge on its ability to defend technical support while sustaining growth across its financial ecosystem. Traders will monitor the descending channel for signs of a potential reversal, with the $96–$98 region standing out as a key recovery target.

Meanwhile, the expansion of tokenized assets and on-chain trading could strengthen Solana's position in blockchain-based financial markets. Fidelity's report adds further evidence of that development, although sustained activity will remain important for the network's long-term growth.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. This is not financial advice.

Source: Tron Weekly