Robinhood (NASDAQ: HOOD) stock has pulled back from its monthly high of $120 to approximately $94, but the company’s blockchain infrastructure is showing significant strength ahead of its second-quarter earnings release on Wednesday. Robinhood Chain’s total value locked (TVL) has surged to a record $333 million, defying a broader industry slowdown where crypto TVL has dropped to $75 billion from last year’s peak of $165 billion. This divergence highlights growing adoption of the network despite headwinds in traditional chains like Ethereum and Solana.

The growth in Robinhood Chain is attributed to activity from Uniswap, Morpho Blue, and Arcus. Beyond TVL, the network’s stablecoin supply has jumped to $482 million, while Real-World Asset (RWA) tokenization has soared to $75 million. Decentralized exchange (DEX) protocols on the network have processed over $11 billion in volume this month, generating $3.15 million in fees. This performance places Robinhood Chain ahead of established networks such as Cardano, Algorand, and Near Protocol in terms of asset handling.

Analyst Forecasts and Market Expectations

Analysts project that Robinhood’s revenue will rise by 29% in the second quarter to $1.28 billion. Earnings per share are expected to increase slightly from 42 cents in Q2’25 to 43 cents in Q2’26. The consensus price target among analysts stands at $122, representing a 30% upside from current levels. Recent adjustments include KeyCorp’s Alex Markgraff raising his target from $100 to $125, Needham’s John Todaro boosting his from $97 to $123, and Bernstein’s Gautam Chhugani hiking his to $160.

The options market anticipates volatility, with an implied move of about 6.8% after the earnings announcement. The put-to-call ratio remains near neutral, suggesting no strong directional bias among traders. Technically, the stock has retested key support at $92.78, its April high, and the 200-day Exponential Moving Average (EMA). A break above this level could see the stock rally toward its July high of $119.20, while a drop below $90 would invalidate the bullish outlook.

What the Numbers Show

The contrast between Robinhood Chain’s metrics and the broader crypto market is stark. While industry-wide TVL has nearly halved since last year’s high, Robinhood Chain has achieved record highs. This suggests that the company’s integrated ecosystem, combining trading with blockchain infrastructure, is capturing value that is leaving other networks. The surge in RWA tokenization to $75 million indicates early traction in institutional-grade asset classes, which could be a key driver for future revenue beyond standard trading fees.

Bernstein, Needham, and Keybanc analysts have raised their price targets for Robinhood Markets, reflecting increased confidence in the financial services platform's valuation outlook. Bernstein analyst Gautam Chhugani maintained an Outperform rating with a new target of $160, up from $130. Keybanc analyst Alex Markgraff maintained an Overweight rating and raised the target to $125 from $100. Needham's John Todaro kept a Buy rating and increased the target to $123 from $97. The adjustments suggest updated assessments of the company's future earnings and market position.

Analyst Ratings and Price Targets

The research notes from all three firms reinforce positive sentiment toward Robinhood Markets' performance potential. The decisions to maintain Outperform, Overweight, and Buy ratings align with the analysts' stances on the stock's trajectory.