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Points of Focus
- Solana (SOL) trades at $119.55 as stablecoin market cap rises 5.36% to $16.43 billion.
- Solana-native perpetual volume fell 39.73% over seven days to $6.69 billion.
- DEX volume fell 9.63% over the same period despite higher stablecoin supply.
Solana (SOL) traded at $119.55 on Tuesday as stablecoin liquidity increased while onchain trading activity weakened. DefiLlama data showed Solana’s stablecoin market cap at $16.43 billion, up 5.36% over seven days, while Solana-native perpetual volume fell 39.73% to $6.69 billion.
Stablecoin balances increased by about $836 million over the week, but that growth hasn’t been matched by higher trading volume across the network. The opposing moves weaken the case for treating the stablecoin increase as evidence of stronger trading demand.
Solana stablecoin supply rises 5% to $16.43 billion
Solana’s stablecoin market cap increased by about $836 million over the past week. USDC (USDC) remained the largest stablecoin on the network with 44.09% dominance, representing roughly $7.24 billion. Tether’s USDt (USDT) rose 25.99% over seven days to about $2.67 billion, while USDC supply increased 2.65%.
The added supply expands the capital available onchain, but activity data doesn’t show that it has moved into trading yet. Solana decentralized exchange (DEX) volume reached $17.07 billion over seven days, down 9.63% from the previous week. The decline provides a useful check on the liquidity signal because more stablecoins haven’t translated into higher DEX turnover.
Solana perpetual volume drops nearly 40%
The slowdown was sharper in Solana-native perpetual markets. DefiLlama put seven-day perp volume at $6.69 billion, down 39.73%.
That decline applies to perpetual venues running on Solana, not the entire SOL derivatives market. CoinGlass showed $9.54 billion in SOL futures volume over 24 hours, while open interest stood near $7.35 billion. Spot volume was $774.27 million over the same period.
Activity has fallen more sharply on Solana-native perp protocols than across the broader SOL futures market. CoinGlass showed 24-hour futures volume up 5.77% even as Solana-native perp volume remained sharply lower on a seven-day basis, so weaker protocol activity should not be read as a market-wide retreat from SOL derivatives.
SOL’s price holds near $120 after $124.92 high
SOL reached $124.92 on Sept. 27 before retreating toward $119. US spot Solana exchange-traded fund (ETF) flows provide another counterpoint to weaker onchain trading. Farside recorded $86.7 million of net inflows on Sept. 25 and another $9.7 million on Sept. 28.
ETF inflows remained positive, while DEX and Solana-native perpetual volume fell, showing that ETF flows and onchain trading activity are moving on different tracks.
SOL last traded at $119.55, about 4.3% below its Sept. 27 intraday high of $124.92.
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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