SOL Weekly Data Report — September 7–13, 2026

2026-09-14 · Weekly Data Report · SolDataLab Research Desk

Every figure below is a real, machine-fetched value: prices from DefiLlama's daily price series, volumes and fees from DefiLlama's overview endpoints, stablecoins from DefiLlama's stablecoin charts, all pulled on September 14, 2026. Where a metric has no free, reliable historical source — staking rate history, weekly non-vote counts, perp volumes this week — it is left out of this report entirely rather than estimated. That is the editorial rule now, and it is the reason this report is shorter on columns and longer on confidence.

Market snapshot

SOL opened the week at $106.49 — its best daily close — and gave it back steadily: $103.77, $103.36, $101.57 through Wednesday, then a Friday flush to $98.63 before the weekend recovered to $101.75. Bitcoin fell 3.8% on the week, so most of SOL's drawdown was market beta; the extra leg down against Ethereum (+0.45%) is the part specific to SOL.

Daily closes

DeFi

TVL ended within rounding of last week — $5.91B versus $5.92B — the second consecutive flat week after August's climb from $4.82B to $5.92B. Flat TVL on a 4.5% price decline means deposits offset the price effect. DEX volume bounced 11.8% to $18.5B, reversing the previous week's 10.9% drop; the week's trading was concentrated around the Friday flush and weekend recovery.

Stablecoins

The total slipped 1.0% to $16.46B, but the composition moved much more: USDT fell 8.3% to $2.54B, its fourth decline in five weeks (from $2.90B on August 16), while USDC held above $7.3B. USDC now stands at roughly three times USDT on this chain — a mix that has been trending one way all period.

Fees

The fee series is the week's strongest data: $108.3M, the second-highest weekly print of the period I track ($98.8M two weeks ago, $83.1M three weeks ago, $63.5M four weeks ago), and it arrived in a down week for price. Fees rising 28.3% while DEX volume rose 11.8% implies more transactions per dollar of volume — consistent with the chain carrying August's record 5.2 billion non-vote transactions into September.

What this report deliberately omits

Staking-rate history, weekly non-vote transaction counts, weekly perp volumes, and priority-fee averages are not in this report because no free, reliable source serves them as historical weekly series. The perps overview endpoint was down at fetch time this week; if it recovers, perp volume returns next week. I would rather publish eight verified numbers than twenty estimated ones.

The four-week picture

Read across the columns and the shape of the month is clear: price and TVL peaked with the August breakout and have consolidated since; DEX volume has stayed in a $16.5-19.8B band after the breakout spike; fees hit their high this week; stablecoins have oscillated around $16B with a persistent USDT-to-USDC mix shift underneath.

Risk watch

• USDT trajectory: a fifth consecutive weekly decline would move this from rotation to trend
• ETF flows: one negative day (Sep 11) after weeks of inflows — the next print matters
• $98.63: Friday's low close is now the nearest reference support
• Fee base: if next week falls back toward $85M, this week's $108.3M was a spike, not a step

What agrees and what disagrees inside this week's dataset

A dataset this size contains agreements and disagreements, and both are information. Start with the agreements, because they establish what is not in dispute. Fees and DEX volume moved the same direction (+28.3% and +11.8%) - the activity layer was consistent with itself. TVL held flat against a 4.5% price decline - the deposit layer behaved exactly as it should if no capitulation occurred. And the stablecoin total moved just 1.0% - the slow layer confirming that the price decline did not become a dollar exit.

Now the disagreements, because they set this report's watch list. The first: fees grew 28.3% while DEX volume grew only 11.8% - a nearly four-to-one divergence. Fees track transactions, volume tracks dollars, so the gap means transaction count grew faster than traded value: more trades, smaller average size. That is a real signal about who was trading, but it is also the pattern most easily produced by high-velocity retail churn, so I hold both readings rather than choosing one.

The second disagreement is inside the stablecoin table: the total slipped just 1.0%, but USDT fell 8.3% while USDC held above $7.3B. A flat total with a sharply rotating composition is a different event from a flat total with a frozen composition - the first is money moving, the second is money staying. The five-week record says this chain has the first kind, which is why the USDT line has its own entry in the risk watch above.

How I use disagreements: they become next week's testable questions rather than this week's conclusions. Fee versus volume growth resolves with one more print (does the ratio normalize?); the stablecoin rotation resolves with the USDT series (a fifth weekly decline moves it from rotation toward trend). A report that converts its own tensions into falsifiable questions is doing its job; one that resolves them by narrative is not.

How each column ranks in its own five-week history

A week's numbers mean more when ranked against the same series' own history, so here is the week placed inside the five weeks this site tracks - column by column, no cross-series comparisons needed:

The pattern in the ranks is the week's story in one line: third or better in every column, and first in the one column that measures paid activity. The price close sits mid-series - below the two breakout-week closes, above the base - which is exactly what a consolidation inside a range looks like when it is not a breakdown.

The fee rank is the outlier that carries the interpretation. First place in fees while third place in everything else means the week's distinguishing feature is not where the market traded or where capital sat, but how much was transacted - the activity layer running ahead of every other layer. Weeks where the fee rank leads the price rank are the ones the series' history says to take seriously: the prior leader in that column ($98.8M) came in the breakout week, and the one before it ($83.1M) came in the week the base broke.

Sources

Source: DefiLlama — chain TVLDefiLlama — DEX volumesDefiLlama — feesDefiLlama — stablecoinsCoinMarketCap — Solana

Tags: DeFiStablecoinNetwork