The current crypto market is experiencing strong selling pressure, but Solana [SOL] has still managed to experience strong growth in network usage, with more users entering the ecosystem.
According to Santiment’s recent data, since early September, the number of new wallets created daily has increased by 124% to around 1.71 million, while daily active addresses have risen 58% to roughly 4.27 million.
Solana steals the spotlight but…
This happened alongside the rise in stablecoin holders on Solana to more than 14 million, compared with fewer than 4 million in late 2024.
However, the liquidity data tells a different and more cautious story. According to CoinGecko, SOL’s order-book liquidity has fallen from around $28 million on each side in 2025 to about $20 million in 2026.
In layman’s language, this has in turn increased short-term volatility and made sharp price movements more likely.
At the same time, the distribution of liquidity across exchanges has also changed. Within a narrow ±0.20-dollar range, the combined liquidity across eight centralized exchanges is around $8 million, while MEXC currently has the strongest liquidity close to the market price.
However, across a wider ±2% range, Coinbase becomes more important, with more than $6 million of buy-side depth and $4 million of sell-side depth.
SOL’s price action and more
All in all, the current picture of Solana is bullish but not without a pinch of caution. This came as SOL was trading at $115.01 at press time after a drop of 3.1% in the past 24 hours.
Additionally, the RSI lying below the neutral level further suggests that the bears are outpacing bulls. This and the narrowing Bollinger Bands suggest that sellers are currently here to dominate the buyers of SOL.
Still, not everything is concerning, as Solana entered Q4 with renewed momentum against Ethereum, despite SOL/ETH falling nearly 6% in Q3 as ETH delivered a 73% return versus SOL’s 60%.
At the same time, Solana’s activity appears to be moving beyond memecoin speculation, with quarterly memecoin Spot volume falling from around $260 billion to $57 billion. Meanwhile, tokenized-asset volume surged from $33 million to $8 billion.
Final Summary
- SOL’s order-book liquidity has fallen from around $28 million on each side in 2025 to about $20 million in 2026.
- Meanwhile, the price of SOL was trading at $115.01 at press time after a drop of 3.1% in the past 24 hours.
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