Solana's cryptocurrency SOL rebounded in a day from a low of $64 to $72, but total value locked and decentralised exchange trading volume continued to slow.

Cointelegraph reported on Friday that the recent rebound was influenced by a sharp increase in tokenised stock trading on the Solana network.

Based on the Jupiter aggregator, 24-hour trading volume in Solana-based tokenised stocks topped $113 million. The artificial intelligence sector led the expansion in trading. Liquidity in automated market maker pools was thin, and concerns were raised that multiple issuers offering similar products could limit short-term upside. Some tokens were in the early stages of launch, leaving the number of holders low.

On-chain indicators were mixed. Solana's DeFi total value locked fell 11% over the past month. Over the same period, Ethereum layer2 Base narrowed the gap with Solana. Kamino fell 19%, Binance Staked SOL fell 20% and Raydium fell 17%, while total value locked on tokenisation platform xStocks rose 31%.

Decentralised exchange trading also declined from earlier levels. Solana's weekly DEX volume fell to $10 billion from $30 billion in early February, and decentralised application revenue also dropped. Despite the launch of tokenised technology stocks and stock index products, SOL demand was still not strong in terms of blockchain processing demand.

Concentration in the revenue structure was also cited as a burden. Pumpfun, a token launch platform, accounted for 30% of Solana DApp revenue. A CoinGecko report said 80% of 18.7 million tokens were launched within 48 hours, and Dune data showed 55% of related addresses posted losses of up to $1,000.

In the derivatives market, short-term optimism resurfaced. The annualised funding rate for SOL perpetual futures rose to 10% on Friday, the highest level so far in June. That falls within the 6 to 12% range typically seen as neutral, making it difficult to view it as excessive optimism, but the 14% rise since the $64 low was described as reversing bearish sentiment indicated by earlier negative funding rates.

Some investors are also pricing in expectations of airdrops within the network. Only Reinsurance recorded total value locked of $200 million, Vault posted open interest of $325 million, and Loopscale recorded total value locked of $79 million. The outlet reported that the timing of the launch of these tokens remains uncertain.