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Points of Focus
- Solana trades at $118.18 as stablecoin supply rises $932 million in seven days.
- Solana DEX volume is up 10.6% weekly, with 24-hour turnover above $3.2 billion.
- Futures volume near $10.4 billion remains about nine times spot volume, keeping leverage risk elevated.
Solana (SOL) traded near $119 at $118.18 on Wednesday as stablecoin liquidity and decentralized exchange (DEX) activity increased across the network. Stablecoin supply on Solana rose by $932.4 million over seven days to $16.58 billion, while DEX volume climbed 10.64% over the same period.
Solana stablecoin supply adds $932 million
DefiLlama data shows Solana’s stablecoin market cap reached $16.58 billion after gaining 5.96% in one week. USDC (USDC) remains the largest stablecoin on the network, accounting for about 48% of the total.
The increase expands the dollar-denominated liquidity available for trading, lending, and settlement on Solana, but it shouldn’t be treated as $932 million of direct SOL buying. Circle’s pre-mint model also means USDC held in pre-mint addresses doesn’t count toward circulating supply until Circle authorizes it for customers.
The circulating supply increase offers a cleaner measure of liquidity available across Solana than individual mint transactions.
Solana DEX volume rises 11% in one week
Trading activity increased alongside stablecoin supply. DefiLlama volume shows Solana DEX volume up 10.64% over seven days, with about $3.27 billion traded in the latest 24 hours and $75.42 billion over 30 days.
BREAKING: The number of weekly spot DEX trades on Solana has officially surpassed the NYSE for the first time in history.
This metric includes the number of individual onchain token swaps executed on decentralized exchanges built on Solana.
In the week ending September 13th,… pic.twitter.com/kTbpO17gZj
— The Kobeissi Letter (@KobeissiLetter) September 22, 2026
Pump processed about $634 million over 24 hours, followed by Raydium at roughly $470 million and BisonFi at $447 million. Together, the three venues accounted for about 47% of Solana’s latest daily DEX volume, leaving the rest spread across other protocols.
SolanaFloor also reported that SOL briefly reached $119 as Bitcoin (BTC) moved back above $86,000. The rise in stablecoin supply and DEX turnover gives the price move more network activity behind it, though neither metric measures direct demand for SOL.
SOL futures volume keeps leverage risk in focus
Derivatives remain the main counterpoint. CoinGlass data puts SOL futures volume near $10.44 billion over 24 hours versus about $1.14 billion in spot volume, while open interest stands near $7.26 billion.
Futures turnover is therefore more than nine times spot activity. That gap shows leveraged trading still accounts for a much larger share of SOL turnover than spot trading, even as stablecoin liquidity and DEX activity rise across the network.
About $7.26 billion in SOL futures positions remained open at the latest reading.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
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