Looks like the market is starting to separate actions from words.
Flashback to 2024: Post-election momentum pushed Solana up 82%, hitting the historic $260 level and marking what many see as the peak of the last bullish cycle.
Fast forward two years, and that momentum has clearly cooled off. Notably, the realization is slowly starting to set in.
One analyst has even called U.S. President Donald Trump not really a “crypto bull,” but more of a “pro-stock” president. And if we look at the hard data, that framing isn’t entirely unreasonable.
Major U.S. equity indices have posted double-digit gains since he took office, while crypto assets have largely underperformed, seeing double-digit drawdowns over the same period.
The gap also looks like it may be widening, with upcoming IPOs potentially reinforcing this divergence.
SpaceX is expected to move toward a mega IPO in June, with analysts projecting a valuation north of $2 trillion, potentially placing it among the largest public companies by market cap.
With a significant share of capital flows concentrated in U.S. equities, especially AI and tech-driven names, IPO activity could add further upside pressure to stocks, while keeping crypto relatively sidelined.
And while skeptics might argue this momentum could eventually rotate into on-chain use cases, the recent withdrawal of the “innovation exemption” by the SEC suggests regulation may still be a headwind for tokenized equities. Still, Solana already seems to be moving differently from this broader trend.
Solana gains momentum as tokenized stocks hit record holder growth
The time for Layer-1 networks to prove their strength is clearly now.
Despite the growing divergence between crypto and equity market flows, networks with stronger fundamentals appear to be benefiting the most from this split.
Nothing illustrates this better than Solana’s recent milestone, with tokenized stock adoption pushing the network to an all-time high of 200k holders.
And when it comes to a potential SpaceX IPO, the upside case for Solana [SOL] remains intact.
As the data below highlights, 96% of Tesla’s $60 million in tokenized stock value is currently concentrated on Solana. The token value is also up over 11% on a monthly basis, with nearly 30k holders, suggesting steady underlying demand even as broader crypto sentiment remains mixed.
Taken together, the 200k holder milestone and rising tokenized stock activity place Solana at the center of on-chain equity adoption. In that context, the upcoming SpaceX IPO arrives at a key moment, especially as ETF flows continue to diverge, Solana seeing stronger inflows while Bitcoin shows relative weakness.
Against this backdrop, a recent Solana analyst call stands out, highlighting stablecoin supply on the network now above $16 billion. Combined with accelerating RWA growth and shifting liquidity conditions, this capital could increasingly rotate into tokenized equities.
If that trend persists, it may give Solana a structural advantage in the current cycle.
Final Summary
- Solana is leading on-chain stock tokenization, supported by rising holders and stablecoin liquidity growth.
- If capital keeps favoring equities over crypto, Solana could gain a structural advantage in this cycle.