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Points of Focus
- SOL holds near $77.3 as stablecoin supply drops $285.2 million in a week.
- Solana stablecoins sit at $15.42 billion, led lower by USDC and USDT.
- DEX volume is rising, while futures activity stays over 15 times spot volume.
Solana (SOL) held near $77.3 on Wednesday, reclaiming the $77 level even as liquidity on the network weakened. DefiLlama data shows Solana’s stablecoin market cap fell $285.17 million, or 1.82%, over seven days to $15.42 billion.
SOL’s rebound hasn’t been matched by an increase in stablecoin liquidity. That puts more weight on trading activity and market positioning when assessing the strength behind the move.
Solana stablecoin supply loses $285 million as USDC and USDT contract
The decline is concentrated in Solana’s two largest stablecoins. DefiLlama puts USDC’s (USDC) supply at $6.77 billion after a 2.73% weekly drop and Tether’s USDt (USDT) at $2.86 billion after a 3.36% decline. Based on those current balances, the two contractions account for $289 million combined, partly offset by gains in smaller assets such as USDGO and BlackRock’s BUIDL.
The weekly drop follows a stronger July. Solana reported that stablecoin supply closed July at $15.7 billion after growing 9.1% during the month, with USDT’s supply up 47%. The latest seven-day decline has erased part of that recent liquidity growth.
Source: @Blockworks
Read an excerpt of the larger Lightspeed report here: https://t.co/cSvAZ7VNpk
— Solana (@solana) August 6, 2026
The stablecoin decline has not been matched by weaker decentralized exchange (DEX) activity. DefiLlama recorded $9.99 billion in Solana DEX volume over the past seven days, up 2.31%, while stablecoin market cap rose 0.2% over the latest 24 hours.
SOL’s price holds above key averages as futures dominate trading
CoinGlass data put SOL near $77.31, with $4.95 billion in 24-hour futures volume versus $321.73 million in spot volume. Open interest stood at $5.26 billion, leaving futures volume about 15.4 times larger than spot volume.
The ratio shows that trading activity remains concentrated in derivatives while stablecoin liquidity contracts, although it does not establish that leverage is driving SOL higher. Exchange-traded fund (ETF) demand remained modest by comparison, with Farside Investors recording $1.6 million of US spot SOL ETF inflows on Aug. 18 after zero flows on Aug. 17.
According to Barchart, SOL remained above its 20-day moving average (MA) of $74.90 and 50-day average of $74.76. The 14-day relative strength index (RSI) stood at 55.41, while the 14-day average directional index (ADX) was 10.33, below the 20 level Barchart associates with a non-trending market. The 100-day MA remained overhead at $78.99.
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