SOL Weekly Data Report — September 14–20, 2026

2026-09-21 · Weekly Data Report · SolDataLab Research Desk

A week that split the data in two. The price layer re-rated hard - SOL closed at $111.02, up 11.8%, on its highest daily close in seven months - while the dollar layer went the other way, with stablecoin supply falling 4.4% to a series low of $15.74B. Between them sat a chain whose activity barely moved: DEX volume at $18.49 billion (+0.2%), network fees at $103.99 million (-4.0%), and deposits at a week-ending high of $6.18 billion that shrinks once it is expressed in SOL instead of dollars. Here is the week, with every number traceable.

The week in numbers

One table, two directions. Price, market cap, TVL and tips rose; stablecoin supply and fees fell. That is the whole shape of the week, and the rest of this report is about which of those columns carries the more durable information.

Price: seven months of range, then a Saturday session

The week's shape is worth naming: a midweek flush to $96.87 followed by two sessions that erased it and then some. The 10.96% step into the September 19 point is the largest single step of the six weeks tracked here, and it took SOL past the $109.18 close of August 28 that had capped the summer advance - the first daily close above $110 since January.

Against the majors, SOL gained 6.0 percentage points on Bitcoin (+5.8% for the week) and 5.5 points on Ethereum (+6.3%). That reverses the prior week's 0.6-point lag against Bitcoin and its 4.9-point lag against Ether, which is the pattern the intelligence report examines next.

The six-week series

Read the columns against each other and the week's rank is legible without adjectives. $111.02 is the highest close of the six weeks; $6.18B is the highest TVL; $18.49B is the second-highest DEX week behind the $19.75B breakout; $103.99M is the second-highest fee week behind last week's $108.32M; and $15.74B is the lowest stablecoin print of the series. SOL's price is first in its own history while its dollar base is last - that combination has not appeared in this window before.

Across the full six weeks the chain has processed $102.6 billion of DEX volume (sum of the weekly column) and $542.0 million of network fees, and its stablecoin base has gone from $15.76B to $15.74B - flat to the decimal across a period in which SOL's price rose 45.7% from the August 10 open of $76.21 to this week's close.

DeFi depth and activity

The deposit side is where the week's real growth sits: liquid staking TVL up 13.2% and lending up 4.4%, both categories that measure capital committed to a protocol rather than capital passing through one. Against that, DEX volume was flat and the fee-per-volume ratio slipped from about 0.59% to 0.56%, meaning each dollar of trading generated slightly less in fees than it did a week earlier - the reverse of the fingerprint the August breakout left.

The TVL caveat from the news review belongs here too, because it is a data point, not a caveat about data: USD TVL rises mechanically when price rises. Dividing the week-ending snapshots by their respective closes gives roughly 55.7M SOL ($6.18B / $111.02) against 58.1M SOL ($5.91B / $101.75) a week earlier - a 4% decline in the deposit base measured in SOL rather than dollars. Both readings are true; only one of them is stable across price moves.

The stablecoin layer: a series low inside a rally week

The composition is doing more work than the total. USDC, the chain's largest single dollar asset, gave back 4.7% but still holds 44.2% of the base. USDT's 16.5% decline is its fourth in six weeks and takes it from $2.90B in mid-August to $2.12B - a 27% erosion of that series while the total moved less than half a percent across the same window. The third bucket, everything that is not USDC or USDT, held essentially flat in dollars at $6.66 billion - a series high in the six weeks tracked here - and now accounts for 42.3% of supply, with USD1, USDG and USDGO among the new entrants.

For anyone reading this series week to week, the honest framing is that Solana's dollar base is fragmenting rather than draining. The total is at its lowest print of the six weeks, and that is a real fact about the chain's parked capital in the same week its price made a seven-month high. Both go in the report.

Fees, tips and the fee market

Network fees for the week were $103.99 million, down 4.0% from $108.32 million. It is the second fee decline in three weeks, and it sits between the $98.75M of late August and last week's $108.32M series high - in other words, a spike that is giving back part of itself rather than a floor being lost. Jito MEV tips rose 9.1% to $2.27 million, the second-highest of the six weeks, which is a small counterweight: tip flow measures priority for inclusion, and it grew while base volume flatlined.

Annualised at a simple x52, $103.99M a week is roughly $5.4 billion of fee revenue, and $18.49B a week is roughly $961 billion of DEX volume. Both multipliers are arithmetic, not forecasts: they describe what the week's pace would be if repeated for a year, a sentence no one should quote as a run-rate. Their honest use is comparative, and against the pre-breakout week's $63.45M fee and $10.88B volume prints, they say this market is running at roughly 1.6x the fee pace and 1.7x the volume pace of a month ago.

Staking and the network

The staking side moved with the price rather than against it: 1.2 million more SOL staked, a rate that held at 74.9% of circulating supply, and a median liquid-staking APY that rose to 4.6% across 50 pools. Validator count was effectively unchanged at 676.

The transaction figures need their usual caveat printed rather than buried: ~193 million non-vote transactions per day and 2,235 non-vote TPS are derived from an RPC performance sample of about half a day, normalised to a daily rate. They are a live reading, not a settled weekly count, and the 35% week-over-week jump is within the range this method has produced before. Treat the level as indicative and the direction as unproven - which is why every article on this site uses the official monthly counts rather than this sample for any structural claim.

Data integrity: what this report does not do

Two corrections landed with this week's snapshot, and both are worth stating in public rather than noting internally. First, USDC and USDT on Solana were transposed in earlier snapshots - DefiLlama's stablecoin ids are 1 for USDT and 2 for USDC, and the fetch helper assumed the opposite. The series values were always correct; the labels attached to them were not, and every USDC and USDT figure on this site has been relabelled across the full six-week history. Second, DefiLlama retroactively revised its Solana DEX daily series and one fee day between the September 14 and September 21 fetches, which lifted the published DEX figures for the earlier weeks (for example the week ending September 13, from $17.3B to $18.5B) and moved that week's fee total to $108.32M. A third revision landed on the same day, and that day has drifted upward since: the September 20 fee day now reads $13.74M, up from $13.14M, lifting this week's fee total from $103.38M to $103.99M and easing the week-over-week decline from 4.6% to 4.0%, while Jito tips moved from $2.23M to $2.27M. Every DEX, fee and tip figure on the site is restated to the September 21 vintage rather than left as a mix of vintages.

Beyond that, metrics with no free and reliable source are omitted rather than estimated. This report carries no perpetuals volume (DefiLlama's perps endpoint returned a server error on fetch day), no priority-fee average (the free RPC no longer returns a reliable weekly median), no active- or new-address counts, no daily compute-unit totals, and no pump.fun-specific series. The cost of that rule is a shorter report; the benefit is that nothing in it needs a footnote apologising for a guess.

On methodology, the constants are fixed: weeks run Monday 00:00 to Sunday 23:59 UTC; price is the DefiLlama daily close; TVL and stablecoins are week-ending level snapshots so the dashboard and the articles agree; DEX volume, fees and tips are summed across the seven days; market cap is circulating supply x close; and week-over-week percentages are computed on the rounded values displayed in the tables.

Risk watch

• A close back below $101.57 would return the entire move to the September band; a close below $96.87 would break this week's low
• A second consecutive stablecoin decline would turn the series low into a trend - the number to watch is whether the total holds $15.5B
• Fees below $100M for a second straight week would mark the fee series as cooling rather than consolidating between two high prints
• A negative week for spot SOL ETFs would end a 12-week streak; watch whether BSOL's 71% share of the complex moves in either direction
• USDT's erosion has now run four weeks of six; a fifth would make it the most persistent stablecoin trend on this chain since the series began

What I'm watching next week

• Whether DEX volume breaks out of the $16.5-19.8B band it has occupied for four weeks, in either direction
• Whether the stablecoin total stabilises near $15.7B or continues lower while price holds above $110
• Whether the fee tape prints a third decline or re-tests the $108M high
• Whether staking rate holds at 74.9% as the price sits at a seven-month high
• Whether the next ETF week extends the streak to 13 - and what the weekly sum looks like if it does not

Sources

Source: DefiLlama - Solana chain TVL, DEX volume and fee seriesDefiLlama - stablecoin supply charts for SolanaDefiLlama - protocol categories (liquid staking, lending) on SolanaDefiLlama Yields - SOL liquid staking pool APYSolana RPC via PublicNode - stake, validators, performance samplesCoinMarketCap - Solana circulating supply and 24h volumeCoinPost - Solana stablecoin composition and USDC shareSolana Compass - 250ms slot activation at epoch 1037

Tags: DeFiStablecoinNetworkStaking