Election night shook crypto for a few hours. On Solana, Wall Street's tokenized stocks just had their biggest day yet.
Where prices stand
As of 7:09 AM ET, SOL trades at $93.11, up 0.8% on the day but down 9.1% on the week and 25.2% for the year. It dipped to $90.94 late Tuesday as U.S. midterm results came in, then bounced with the rest of the market. Bitcoin is at $78,195 after touching about $75,600, and Ether is at $2,321. SOL lagged both on the rebound.
Democrats won control of both the House and the Senate. That's a setback for the CLARITY Act, the stalled bill that would set rules for U.S. crypto markets. It now has to pass in the lame-duck session or start over in January, and Democrats are expected to push for major changes. Markets had mostly priced the result in: options implied a move of about 1.8%, and bitcoin moved about 1.7%. The Crypto Fear & Greed Index rose to 34 from 26, still in "Fear."
A record day for tokenized stocks
While traders watched the election, Solana set a new mark. $657M of tokenized stocks traded on Solana on Monday, more than double any other day since September. Backpack Securities made up $598M of it.
- Bullish picks Solana first. NYSE-listed Bullish named Solana, Aptos and Ethereum as the first networks for its share-tokenization service, and it is building on Solana first. Last week it moved 61 million tokenized shares on Solana in seconds at the NYSE.
- Securitize doubles its list. Securitize Stocks on Solana now cover 25 U.S. companies after adding ExxonMobil, Disney, Salesforce, Uber and nine others. Each token is backed by a real share held in custody.
- A Swiss franc coin goes live. Safirum launched CHF-S, a Swiss franc stablecoin on Solana with reserves held at Berner Kantonalbank and Banque Richelieu. Only identity-checked wallets can hold it.
All three are logged on the Catalyst Tracker.
ETF money is still on the sidelines. U.S. spot SOL ETFs had a second straight day of zero net flows on Tuesday. The funds still hold $1.46B of net inflows since launch.
DEX Discovery
Solana was the busiest chain for DEX trading on election day, with $1.88B of volume. That's about 23% of the all-chain total and just ahead of Ethereum's $1.85B (DefiLlama). Weekly volume is still down 8.5%, so this is one strong day, not yet a trend.
Two venues stand out. Scorch, a DEX where a professional market maker quotes the prices (a "prop AMM"), has been live since December 2025. It handled $100M on Tuesday, up 23%, and $603M over the week (+9%). GoonFi, another prop AMM, did $569M over seven days, up 60% from the week before, even though Tuesday itself was slower. Both are signs that more of Solana's large trades now route through market-maker venues.
What to watch
- Today: the ISM Services survey at 10 AM ET. Friday brings the October jobs report.
- Levels: analysts cite support near $91.40, then $90. Getting back above about $95 would undo most of this week's slide.
- Nov 9: Agave v4.4 feature activations on mainnet.
Why it matters for SOL: the election adds policy uncertainty in Washington, but the companies tokenizing shares aren't waiting for Congress. Every stock that trades on Solana brings fees, collateral and stablecoin demand to the network.
Breakpoint Countdown: T-minus 11 days
Today is stat day, and the number is stablecoins. Solana holds about $14.8 billion in stablecoins this morning, down roughly 11% from $16.6 billion a month ago and below the $17.4 billion peak set on Sept. 25 (DefiLlama). USDC leads at $6.9 billion, followed by USDT at $2.3 billion, USD1 at $1.3 billion and PYUSD near $0.7 billion. Tether's supply on Solana has fallen about 21% in 30 days, the steepest drop among the majors.
That is the baseline going into London. Breakpoint's payments track brings Mastercard, Zelle, MoneyGram and Revolut's chair on stage, and every one of them will pitch Solana as a place money moves.
What to watch: whether any announcement comes with a live product and a volume target, and whether stablecoin supply turns back up in the weeks after the event.
Why it matters for SOL: stablecoins are the cash layer of the network. More dollars onchain means more payments, more trading and more fee demand.
Sources: CoinGecko · CoinDesk: election-night dip · Cointelegraph: BTC and the midterms · Cointelegraph: midterm results · TokenPost: CLARITY Act · Bloomberg Law: CLARITY changes · Solana: tokenized stock record · Bullish · Solana Compass: Securitize · Solana Compass: CHF-S · Farside · TokenPost: altcoin ETF flows · DefiLlama DEXs · DefiLlama: Scorch · DefiLlama: GoonFi · Alternative.me · FXStreet: SOL levels · DefiLlama stablecoins · Solana: Breakpoint lineup
Prices as of 7:09 AM ET on Nov 4, 2026. DEX volume is the prior full UTC day (Nov 3).
Not investment advice. See our Disclaimer.
