New wallet creation on Solana has jumped 124% since early September even as the broader crypto market sells off. At the same time, SOL's order-book liquidity has thinned from 2025 levels, and the token was trading at $115.01 after a 3.1% daily drop.
Solana is drawing a wave of new users even as the wider crypto market comes under selling pressure. According to Santiment data, the number of new wallets created daily has risen 124% since early September to around 1.71 million, while daily active addresses climbed 58% to roughly 4.27 million over the same period.
Stablecoin holders on Solana have also grown, rising to more than 14 million from fewer than 4 million in late 2024. But liquidity tells a more cautious story: SOL's order-book liquidity has fallen from about $28 million on each side in 2025 to around $20 million in 2026, according to CoinGecko, which has increased short-term volatility and made sharp price swings more likely.
Liquidity thins across exchanges
The distribution of liquidity across exchanges has shifted too. Within a narrow ±0.20-dollar range, combined liquidity across eight centralized exchanges sits at around $8 million, with MEXC holding the strongest liquidity closest to the market price. Across a wider ±2% range, however, Coinbase becomes more important, carrying more than $6 million of buy-side depth and $4 million of sell-side depth.
Price action stays under pressure
SOL was trading at $115.01 at press time, down 3.1% over the past 24 hours. The RSI sits below the neutral level, suggesting bears are outpacing bulls, while narrowing Bollinger Bands point to sellers currently dominating buyers.
Still, Solana enters Q4 with renewed momentum against Ethereum, despite SOL/ETH falling nearly 6% in Q3 as ETH delivered a 73% return versus SOL's 60%. Activity on the network also appears to be moving beyond memecoin speculation: quarterly memecoin spot volume fell from around $260 billion to $57 billion, while tokenized-asset volume surged from $33 million to $8 billion.
Source: AMBCrypto
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