Solana (SOL) is a high-throughput smart-contract blockchain known for very fast, low-cost transactions, which has made it a hub for trading, memecoins, and consumer crypto apps. It trades as a leading "Ethereum alternative," balancing raw performance against a history of network outages.
Solana's real-world asset lead grows as ETF access nears, but outflows and a whale short weigh
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Morgan Stanley moves closer to a Solana ETF Morgan Stanley updated its filing for a Solana ETF, including fees. A plain ETF lets ordinary investors buy Solana through a regular brokerage account, which could bring in new buyers and support the price.
A new, concrete step toward easier mainstream access is a fresh demand driver.
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Moody's puts credit ratings directly on Solana Moody's is placing its credit ratings for tokenized bonds onto Solana's blockchain, so investors can see ratings and trade in one place. This is a strong vote of confidence that could attract more real-world assets to Solana.
It is a new, high-profile endorsement that can pull tokenized asset activity onto Solana.
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Solana dominates tokenized stock trading Solana handled 95% of all on-chain tokenized stock trading in a record week, nearly $1.3 billion, helped by tokenized SpaceX shares. This shows real use and demand for its fast, cheap network, which supports the price.
It is fresh evidence of Solana winning a growing real-world asset market.
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Heavy ETF outflows and a $38M whale short Crypto ETFs lost billions in the past month, and a large investor bet $38 million against Solana. These outflows and the bearish bet show money leaving and can push the price down, even as Solana's own news is positive.
It is the main counterweight: real selling pressure and negative sentiment.
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Solana jumps on SEC tokenized-stock exemption and record real-world asset value
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SEC tokenized-stock exemption boosts Solana The SEC granted a five-year Innovation Exemption for venues trading tokenized stocks, and Solana already hosts more tokenized equities than any other chain. This regulatory clarity makes Solana more attractive for real-world assets, driving demand for SOL and pushing its price up.
This is a major new regulatory catalyst that directly benefits Solana's tokenized stock market leadership.
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Record $4.6B real-world asset value on Solana Solana's real-world asset value hit a record $4.6 billion, showing growing adoption of tokenized traditional assets on the network. More real-world assets on Solana increase demand for SOL and support its price.
This new milestone demonstrates accelerating adoption and utility, a key driver of long-term demand.
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Bot trading inflates Solana DEX volume A report found that 58% of Solana's DEX volume comes from looping trading bots, raising concerns about wash trading and potential regulatory scrutiny. This could hurt trust in Solana's activity metrics and weigh on SOL's price.
This new negative finding challenges the quality of Solana's on-chain activity, a key counterweight to the positive adoption narrative.
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PumpFun continues large SOL sell-offs PumpFun sold another $5.8 million in SOL in 24 hours, bringing its cumulative sales to $848 million. This steady selling adds supply pressure on SOL, which can push its price down.
This new data point highlights ongoing supply overhang from a major Solana platform, a direct negative for price.
Q3 2026
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Solana adoption surges but regulatory and supply risks weigh
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Record ETF inflows and institutional access Solana ETFs attracted record inflows, with Bitwise surpassing $1 billion in assets. Morgan Stanley, Schwab, and SBI expanded access, while an SEC exemption for tokenized stocks opened doors for broader institutional participation.
This point highlights a major new driver of demand and capital inflow that supports Solana's price.
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Tokenized real-world assets and corporate treasury adoption Tokenized real-world assets on Solana reached $4.6 billion, and corporate treasuries added about 16.3 million SOL. Network upgrades cut block times toward 150-millisecond finality, boosting efficiency and appeal.
This point shows growing real-world use and corporate investment, which underpin demand and network value.
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Regulatory setback and security issues The CLARITY Act failed in the Senate, causing a 5% price drop. A contract flaw led to $933,000 in card losses, and over $1 billion in H1 hacks added to security concerns, undermining confidence.
This point captures key negative events that pressured Solana's price during the quarter.
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Supply pressure and fragile rally PumpFun's ongoing SOL sales added supply pressure, while 58% of DEX volume came from bots. Macro headwinds, weak seasonality, and Alpenglow uncertainty kept the rally fragile, reliant on ETF flows and short squeezes.
This point explains persistent risks that could reverse gains and weigh on price.
News & notes movingSOL-USD.CC
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Digital Finance & Tokenization▼
Ether Surges 70% to Outpace Bitcoin in Q3, but Liquidity Plunges to 35-45% of Bitcoin's
Data from CoinDesk shows that Ether, or ETH, which trades at 2,714.94 dollars, outperformed Bitcoin, or BTC, which trades at 86,063.87 dollars, in the third quarter. Ether's price jumped 70% this quarter, beating Bitcoin's 42% return, but it became harder to trade because liquidity thinned out. Between July 6 and September 30, Ether's median daily market depth was only 35% to 45% of Bitcoin's, according to a CoinGecko report, compared with at least 60% in the same period last year, which CoinGecko called a complete decline from last year's figures. Ether had depth of 13 million dollars to 14 million dollars within 0.15% of the market price, and CoinGecko noted that ETH still retains reasonably decent liquidity within this band, with most exchanges maintaining depth of more than 1 million dollars on each side. The shrinking liquidity is not unique to Ether, because Solana, or SOL, a major rival, has also seen its overall liquidity contract sharply since 2025, with depth within 2% of the market price falling from about 28 million dollars on each side of the order book last year to about 20 million dollars this year. Meanwhile XRP, a cryptocurrency focused on payments, held steady with total depth of about 30 million dollars, but its order book leans toward the buy side, with nearly 18 million dollars in buy orders against 14 million dollars in sell orders. And although XRP's market value is about 40% larger than SOL's, it has less depth within 2% of the price, because SOL still trades 25% more than XRP on a typical day, CoinGecko said.
SOL · Supply · Negative Solana's order-book liquidity contracted sharply since 2025, with depth within 2% falling from ~$28M to ~$20M per side.
BTC · · Neutral Bitcoin is the benchmark Ether outperformed (42% vs 70%) and whose liquidity Ether's depth is compared against; no independent driver for BTC itself.
XRP · · Neutral XRP held steady at ~$30M total depth but its order book leans buy-side; no clear directional driver stated.
CoinGecko · · Neutral CoinGecko is only cited as the source of the liquidity report, not a subject of the news.
Fiserv Launches Roughrider Stablecoin on Solana for North Dakota Bank Settlement
Fiserv has launched the Roughrider stablecoin, a bank-to-bank settlement token built on Solana. Versa Bank issues the bank-only token, which serves a North Dakota network of more than 90 banks and credit unions. The coin is designed for interbank settlement among those institutions rather than for consumer retail use, replacing legacy systems such as Swift and ACH with near-instant, near-zero-fee transfers. The North Dakota effort is separate from a national network of regional and community banks that is launching its own bank stablecoin network. Because the token runs on Solana, its growth could drive demand for the network's gas fees.
US Adds Just 29,000 Jobs in September as SEC Proposes Crypto Custody Rules
The US economy added just 29,000 jobs in September, well below expectations of 89,000, while the unemployment rate rose to 4.2% against an expected 4.1%, a miss that host Scott Melker said weakens the case for further Fed rate hikes and points toward cuts. Prior months were revised sharply lower, with July cut by 31,000 to 10,000 and August by 29,000 to 133,000, leaving combined employment 60,000 lower than previously reported, and wage growth slowed to 0.1% monthly and 3% annually. Separately, the SEC proposed dedicated custody rules that would let registered investment advisors, investment funds and business development companies hold crypto assets directly under federal securities law, with state-chartered trust companies able to serve as permitted crypto custodians and client assets segregated from the trust company's own assets. In other news, Fiserv launched the Roughrider stablecoin, a bank-to-bank settlement token on Solana serving a North Dakota network of more than 90 banks and credit unions, and the Ethereum Foundation launched zero-knowledge APIs, built with the Open Anonymity Project, that let users pay for AI models without revealing identity. Near Intents was hit by a 3.8 million dollar exploit, with no customer funds lost, and another Trump meme coin dinner was advertised for top token investors.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Regulation
Digital Finance & Tokenization › Stablecoin Issuers & Distribution Regulation
FISV · Technology · Positive Fiserv launched the Roughrider stablecoin, a bank-to-bank settlement token on Solana for a North Dakota network of 90+ banks and credit unions.
ETH · Technology · Positive The Ethereum Foundation launched zero-knowledge APIs with the Open Anonymity Project enabling private AI-model payments.
SOL · Technology · Positive Solana is the blockchain chosen for Fiserv's new Roughrider bank-to-bank settlement stablecoin.
Bitwise Extends Solana Purchases Despite Price Drop
Bitwise has continued to expand its Solana holdings with consistent purchases despite a drop in the token's price. The asset management firm's buying comes as Solana begins to see heightened institutional interest amid the recent crypto market recovery. Bitwise is described as a leading asset management firm. No specific purchase amounts or price figures were disclosed in the report.
Bitwise Asset Management · Capital · Positive Bitwise is the subject, consistently purchasing Solana despite the price drop as part of its asset management strategy.
SOL · Demand · Positive Bitwise continues expanding its Solana holdings, signaling institutional buying demand for the token.
PumpFun Sells Another $5.8 Million in SOL, Cumulative Total Hits $848 Million
PumpFun's cumulative sell total has reached $848 million as it continues to offload significant amounts of SOL as generated profit. The platform reported an enormous selling volume of $5.8 million in 24 hours. On-chain data reveals another wave of sizable withdrawals to Kraken over the last two hours.
SOL · Supply · Negative PumpFun continues offloading large amounts of SOL ($5.8M in 24h, $848M cumulative), adding sell-side supply pressure on Solana.
Solana staking rises by $300 million in September, SOL up 18%
Solana's staking volume increased by the equivalent of $297 million in September, and the SOL price has risen about 18.1% since the start of the month. According to an analysis by StakingRewards.com, the total amount of SOL staked rose 1% over the past 30 days, and since the start of September it has grown by 2.83 million SOL to reach 496.96 million SOL. That represents about 69.33% of SOL's total supply at the time of publication, and calculated at the 30-day moving average price of $105.86, it comes to the equivalent of about $297 million. The increase came even as the staking reward rate fell 3.28 percentage points to 5.08%, indicating the strength of holders' conviction. On September 15, the Solana Foundation announced that it had raised the layer 1 network's maximum transaction size from 1,232 bytes to 4,096 bytes, which took effect on the mainnet at the start of epoch 1,035.
SOL · Demand · Positive Staking volume rose by $297M in September, with 69.33% of SOL supply staked, indicating strong holder conviction and demand for the asset.
SOL · Technology · Positive Solana Foundation raised the network's maximum transaction size from 1,232 to 4,096 bytes, a protocol upgrade.
ソラナ財団 · Technology · Positive The Solana Foundation raised the network's maximum transaction size from 1,232 to 4,096 bytes, a technical upgrade to the layer 1 network.
Bitquery says 58% of DEX volume on Solana comes from looping trading bots
Bitquery, a blockchain data company, disclosed that 58.4% of trading volume on decentralized exchanges, or DEXs, on the Solana network comes from circular or bot-like transactions. The company examined $201.4 billion in trades in Solana liquidity pools that it indexed between August 24 and September 22, and about $111.6 billion of the flagged amount, or 95%, involved buying and selling the same token through the same liquidity pool within a single transaction. In one example on September 14, one wallet bought a token called Claude from a PumpSwap liquidity pool while another wallet sold it back in the same transaction, accounting for about $2,000 in trading volume. Bitquery also found two clusters of wallets, numbering 20 and 50, with similar behavior, which together contributed as much as $26.3 billion of the flagged amount. The $117.7 billion flagged figure is only part of the $201.4 billion total that was indexed and is not a rate for all DEX trades on Solana. Meanwhile, DefiLlama data as of September 24 showed 30-day rolling trading volume of $75.9 billion, while Bitquery said the $83.7 billion of indexed trades fell outside the flagged category, compared with the $78.8 billion DefiLlama counted across the entire network during the same period.
SOL · Regulation · Negative Bitquery's report that 58% of Solana DEX volume comes from circular bot trades raises concerns about wash trading and potential regulatory scrutiny of the network's activity.
Solana Stablecoins Now Book Flights With 300 Airlines
Travelers can now use Solana-based digital dollars to book flights across more than 300 airlines, according to a recent announcement. The move extends Solana stablecoin payments into airline ticketing, covering a network of over 300 carriers. No further details on the participating airlines, launch partners, or transaction terms were provided in the announcement.
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Demand
Digital Finance & Tokenization › Payments Modernization & Rails ▲Demand
SOL · Demand · Positive Solana-based stablecoins are now accepted for flight bookings across 300+ airlines, expanding real-world usage of the Solana network.
Bitwise Survey: Institutional Investors Did Not Sell Despite 50% Crypto Decline
Bitwise, a crypto asset management firm, released its first survey report on institutional adoption of crypto assets on September 23, projecting that a majority of institutional investors will hold crypto assets within the next five years. The survey was conducted through in-person interviews between late March and April 2026 with investment officers at 15 institutions, including funds and foundations, public pensions, sovereign wealth funds, multi-family offices, investment consultants, and listed companies. According to the report, although the crypto market fell about 50% between October 2025 and April 2026, not a single institution reduced its allocation, and several institutions added to their positions. Every institution holding crypto assets held Bitcoin, and for nearly all of them it was the first asset purchased and the largest and longest-held position, while Ethereum and Solana were viewed as investments in early-stage technology, with holdings remaining small and allocations ranging from 0.5% to 13% of assets under management, mostly between 1% and 2%. No institution cited price as a condition for selling; instead, they cited ETH or SOL failing to demonstrate utility, regulatory setbacks, or a crisis of confidence across the industry. Matt Hougan, the chief investment officer who authored the report, and his colleagues believe the barrier to adoption is not investment value but organizational governance and reputational risk, and they predicted that adoption will proceed not linearly but exponentially, because disclosure by peers creates a structure that encourages the next wave of adoption. In Japan, a survey of domestic institutional investors published in April by Nomura Holdings and others found that 31% of respondents described their outlook for crypto assets as positive, up 6 percentage points from the previous survey in 2024.
Digital Finance & Tokenization › Pure Bitcoin-Treasury Vehicles ▲Demand
Bitwise Asset Management · Demand · Positive Bitwise's own survey projects majority institutional crypto adoption within five years, with no institutions cutting allocations despite the 50% drawdown.
BTC · Demand · Positive Survey shows institutions held or added to Bitcoin allocations despite a 50% market decline, with Bitcoin the first, largest, and longest-held position for every holder.
ETH · Demand · Neutral Ethereum holdings remained small and were viewed as early-stage technology investments, with no institution citing price as a sell condition but some flagging ETH's failure to demonstrate utility.
SOL · Demand · Neutral Solana holdings stayed small and were treated as early-stage tech bets, with utility concerns cited as a potential reason institutions might sell.
Solana Real-World Asset Value Reaches Record $4.6 Billion
Solana has hit its highest-ever real-world asset value at $4.6 billion. The milestone comes as Solana has continued to gain momentum across the real-world asset ecosystem even as it continues to see strong participation among users and DeFi platforms.
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Demand
SOL · Demand · Positive Solana's real-world asset value hit a record $4.6B amid strong user and DeFi participation, signaling growing adoption of the network.
Forward Industries prices $25M registered direct offering at $8 per share
Forward Industries said Wednesday it entered an agreement to sell 3.125 million common shares at $8 each for gross proceeds of about $25 million in a registered direct offering. The company plans to use the net proceeds to buy additional SOL and increase the size of its Solana treasury. The closing of the offering is expected to take place around Sept. 24, 2026. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering. Shares rose 5.26%.
Analyst Dan Krupka Warns of Q4 2026 Crypto Crash After Relief Rally
Dan Krupka, founder of Connection Capital and former research head at Coin Bureau, is calling for caution and a fourth-quarter crash even as Bitcoin pushes back toward $86,000. Krupka, who laid out 2026's rhythm for subscribers on January 1, sees the current move as the tail end of a textbook relief rally setting up a brutal liquidity trap in the fourth quarter. He expects one last squeeze, with Bitcoin running another 20% to 30% to the $96,000 zone, Ethereum squeezing into overhead supply between $3,300 and $3,500, and Solana pushing up to $140 to $160, before momentum exhausts and a sharp retracement follows. On the macro side, he points to the US Dollar Index pressing resistance at its monthly Bollinger Band, warning that a breakout would drain liquidity from risk assets, and he notes warnings from Warren Buffett in mid-September and Michael Burry throughout 2026. Krupka says a standard 50% retracement would put Bitcoin back between $30,000 and $40,000, and he advises watching how price reacts around $96,000 rather than mistaking a mechanical bear market rally for a new supercycle.
BTC · Monetary · Negative Krupka warns Bitcoin's relief rally toward $96,000 will exhaust and a Q4 2026 crash could retrace it to $30,000-$40,000, with a dollar breakout draining liquidity from risk assets.
ETH · Monetary · Negative Krupka expects Ethereum to squeeze into $3,300-$3,500 overhead supply before momentum exhausts and a sharp retracement follows in Q4 2026.
SOL · Monetary · Negative Krupka sees Solana pushing to $140-$160 before the broader crypto relief rally exhausts and a Q4 2026 crash hits risk assets.
Solana Rallies 20% to $115, Leading Major Cryptos on SEC Tokenized-Stock Exemption
Solana is trading at $116 after rallying 20% this month from a September 15 dip to $97, making it the top performer among major cryptocurrencies. In the past 24 hours Solana gained 6.6%, outpacing Bitcoin's 5.3%, Ethereum's 5.4%, and XRP's 6.4%, as Bitcoin's push toward $85,000 forced a short squeeze that liquidated $262 million of short positions in a single hour once the price crossed $84,000, according to CoinGlass. Solana's own catalysts include the SEC's September 17 grant of a five-year Innovation Exemption for venues trading tokenized stocks, a market where Solana already hosts $465 million in tokenized equities, more than any other chain. Two network upgrades have also gone live: Transaction V1, which raised the transaction size limit by 3.3 times, and SIMD-0525, which cut block production time from 300 milliseconds to 250 milliseconds. Solana is set to launch Alpenglow on September 28, a rewrite of its block-agreement system aimed at improving transaction finality from 12.8 seconds to about 150 milliseconds, while Solana ETFs have seen inflows for 12 consecutive weeks. Immediate resistance sits at $119, with a daily close above that level opening the path to $123 and $132, while key support levels are $110, $105, $100, and $94; Solana remains about 61% below its all-time high of $293 set in January 2025.
SOL · Regulation · Positive SEC granted a five-year Innovation Exemption for venues trading tokenized stocks, a market where Solana hosts the most tokenized equities.
SOL · Technology · Positive Transaction V1 and SIMD-0525 upgrades went live and Alpenglow is set to launch, improving transaction size, block time, and finality.
Solana Jumps to $112 as BSOL Trading Volume Reaches $85 Million
Solana climbed to $112 on Thursday, gaining about 11% on the day and touching its highest level since January. The move came as trading volume in BSOL hit $85 million. It was not immediately clear from the report what drove the surge beyond the heavy activity in BSOL.
Upexi Posts $246.1 Million Annual Loss as Solana Treasury Marks First Year
Upexi reported a net loss of $246.1 million, or $3.87 per share, for fiscal year 2026, driven primarily by $195.1 million in unrealized losses and $11.7 million in realized losses on its digital assets. The company held approximately 2.34 million Solana tokens as of June 30, 2026, with a cost basis of approximately $360.3 million, or an average cost per token of $154, and about 95% of those tokens were staked. For the year, the treasury generated approximately $17.4 million in digital asset revenues, or roughly 135,000 Solana tokens, while cash stood at $5.8 million, up 65% from the prior quarter end, and total stockholders' equity was negative $53.8 million against positive equity of $90.1 million a year ago. Chief Executive Officer Allan Marshall said the company extinguished roughly $20 million in debt in June and subsequently refinanced its credit facility, cutting the interest rate from 11.5% to 7.5%, while reducing full-time employees from 59 a year ago to just 10 today. Upexi also repurchased approximately 2.9 million shares at an average weighted price of $0.96 per share for total consideration of approximately $2.8 million under its $50 million repurchase program, and after year-end issued approximately 2.5 million shares under its at-the-market program for gross proceeds of approximately $2.5 million.
UPXI · Capital · Negative Upexi posted a $246.1M annual net loss driven by $195.1M unrealized and $11.7M realized losses on its Solana treasury, with negative stockholders' equity of $53.8M.
SOL · · Neutral Solana is only the asset Upexi holds and marks losses on; the article reports no Solana-specific development or price cause.
B. Riley Lifts Solana Company Price Target to US$3.50 as Fair Value Rises to US$3.25
B. Riley raised its price target on Solana Company to US$3.50 from US$2.50 as part of a broader reset across its digital asset treasury coverage, and the updated central fair value anchor for the stock moved to US$3.25 from US$2.75. The firm cited token appreciation quarter to date, preferred issuance and at the market activity as key inputs to its revised view of the company's balance sheet flexibility and treasury value, and pointed to stronger digital asset liquidity after macro news on Treasury buybacks, an SEC token proposal and a White House crypto summit. The higher target follows B. Riley's August 2026 cut of the same target to US$2.50 from US$3, when it flagged that Q2 cost improvement was buried under non cash marks, raising questions about the clarity of reported earnings quality. Under the revised assumptions, revenue growth shifted from a 6.32% decline to a 0.64% increase, the net profit margin assumption moved from 12.13% to about 53.33%, the future P/E was adjusted from about 209.7x to about 45.5x, and the discount rate moved from 7.45% to about 7.47%.
Digital Finance & Tokenization › Pure Bitcoin-Treasury Vehicles ▲Pricing
SOL · Capital · Positive B. Riley raised its price target on Solana Company to US$3.50 and lifted the fair value anchor to US$3.25 on token appreciation and treasury value.
CLARITY Act Stalls in US Senate, Winning Only 49 Votes of the 60 Needed
The CLARITY Act, a bill on cryptocurrency regulation in the United States, has stalled after a Senate vote on the 15th returned only 49 votes in favor to 50 against, short of the 60 needed for a procedural vote to open the way for the Senate to consider the bill further. The bill aims to answer which types of crypto should fall under the supervision of the US Securities and Exchange Commission or the US Commodity Futures Trading Commission, and how to set rules for the spot crypto market. Its core is to expand the role of the US Commodity Futures Trading Commission in overseeing the spot market. The two parties had negotiated, and a compromise draft ran more than 600 pages, but they still could not agree on several issues, especially rules on the ethics of public officials with interests tied to crypto businesses. This time, not only did Democratic members vote against it, but some Republican members also disagreed. After the vote result, the XRP coin fell nearly 10%, while ETH and SOL dropped about 5%. Bitcoin fell nearly 3% to around 76,000 dollars, although price moves over the same period also involved other market factors. From here, crypto regulation will remain the responsibility of the US Securities and Exchange Commission and the US Commodity Futures Trading Commission, which can still issue rules and guidance, but rules from regulators are easier to change than laws passed by Congress. Attention must therefore be paid to new negotiations or political maneuvering after the midterm elections on November 3 and the new Congress early next year.
Bitwise CIO Says Bull Market Won't Collapse Even If Clarity Act Fails
Matt Hougan, chief investment officer of crypto asset manager Bitwise, wrote in a blog post on September 16 that the failure of the Clarity Act, after the U.S. Senate voted 49 to 50 against cloture on the motion to proceed, is not a roadblock but merely a temporary slowdown. Passage required 60 votes. Hougan pointed to bitcoin's rise from $57,950 on July 1 to more than $80,000 on September 4, even as the probability on Polymarket of passage this year fell from 39% to 14%, noting that Wall Street's entry continued during that period, including Robinhood's launch of its own chain and Morgan Stanley's rollout of a Solana exchange-traded product. He said that through 2029, a crypto-friendly U.S. Securities and Exchange Commission and Commodity Futures Trading Commission can lead rulemaking, and CFTC Chairman Mike Selig said on the 16th that the agency is ready to publish rules.
Bitwise Asset Management · Regulation · Positive Bitwise's CIO authored the view that the Clarity Act's failure is only a temporary slowdown, not a roadblock for the crypto bull market.
BTC · Regulation · Positive Bitwise CIO argues bitcoin's bull market won't collapse even if the Clarity Act fails, citing its rise to over $80,000 amid falling passage odds.
HOOD · Regulation · Positive Robinhood's launch of its own chain is cited as evidence Wall Street's crypto entry continued despite the Clarity Act's failure.
MS · Regulation · Positive Morgan Stanley's rollout of a Solana exchange-traded product is cited as continued Wall Street crypto entry despite the Clarity Act's failure.
SOL · Regulation · Positive Morgan Stanley's Solana ETP rollout is cited as evidence of continued institutional crypto adoption despite the Clarity Act's failure.
Solana Falls to $97 After Senate Clarity Act Vote Fails
Solana fell about 3.4% over 24 hours to trade near $97 on Wednesday after the Senate failed to invoke cloture on the motion to proceed to H.R. 3633, the CLARITY Act, on September 15, a vote that ended 49 yeas to 50 nays and fell short of the 60 votes Senate Rule XXII requires to end debate. Bitcoin dropped 1.2% to roughly $75,961 and XRP fell 9.4% to $1.28 over the same window, while Polymarket traders cut the odds of the CLARITY Act becoming law in 2026 to 5% from 18.5% on Tuesday morning. The bill would lock Solana's commodity status into law, building on a March 2026 SEC and CFTC interpretation that named Solana one of 16 digital commodities, a classification a future Commission could reverse without Congress. Solana's critical support level sits at $94.16, with resistance at $98.77 and $99.42, and SOL trades below its 20-hour and 50-hour moving averages with MACD and ADX pointing to negative momentum. Senator Thune can bring the CLARITY Act back to the floor later in the session, but the setback makes passage in 2026 considerably harder.
SOL · Regulation · Negative Senate failed to invoke cloture on the CLARITY Act, which would have locked Solana's commodity status into law, making passage in 2026 considerably harder.
Binance is conducting a major review of its assets, adding direct spot trading against the Thai baht for XRP, SOL, ETH and BNB while betting on stronger local fiat markets and integration with the traditional stock sector. The exchange framed the Thai baht pairs as the main fiat update of the week, part of a broader wave of new listings and delistings that also brings Reddit in and Quant out. The move extends direct local-currency access to four industry heavyweights, a step Binance ties to deepening its presence in regional fiat markets. No further figures or dates were disclosed.
Dangote Refinery IPO Opens for Subscription via Stablecoins on Solana
Solana announced on September 15 on its official X account that subscriptions for the initial public offering of one of Africa's largest refineries, the Dangote Refinery, can now be made using stablecoins on the Solana blockchain. The IPO will offer roughly 3 percent of the company's shares and aims to raise about 1.6 billion dollars, which Solana says would make it the largest IPO ever in Africa. Dangote Petroleum Refinery & Petrochemicals FZE, which is carrying out the IPO, operates the world's largest single-train refinery in Nigeria; it began operations in 2024 and turned the country from a net importer of petroleum products into a net exporter. Subscriptions using stablecoins will be handled through the Nigeria-born financial app NectarFi, on infrastructure provided by the investment platform GetEquity. Investors will receive ordinary shares slated for listing on the Nigerian Exchange, and residents and nationals of Japan are in principle not permitted to subscribe.
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Demand
Digital Finance & Tokenization › Stablecoin Issuers ▲Demand
Dangote Petroleum Refinery Free Zone Enterprise · Capital · Positive Dangote Refinery is conducting an IPO of ~3% of shares aiming to raise about $1.6 billion, the largest IPO ever in Africa.
SOL · Demand · Positive Solana's blockchain is being used to handle stablecoin subscriptions for the Dangote Refinery IPO, a concrete adoption/use case for the network.
GetEquity · Demand · Positive GetEquity provides the infrastructure for the stablecoin-based IPO subscriptions.
NectarFi · Demand · Positive NectarFi is the financial app handling the stablecoin subscriptions for the Dangote Refinery IPO.
Forward Industries Raises SkyAI Takeover Offer to 50% Premium
Forward Industries has sweetened its takeover offer for SkyAI, proposing a deal that would value the Solana treasury company at a 50% premium to its latest closing price. Forward said Tuesday it delivered an updated non-binding proposal to acquire all outstanding SkyAI common stock, with shareholders receiving the value of 0.306 shares of Forward Industries for each SkyAI share and able to choose cash, Forward shares, or a combination of both. Based on Forward's $6.95 closing price on Monday, the proposal values each SkyAI share at about $2.13, compared with SkyAI's $1.42 close, and Forward has asked SkyAI's board to respond by September 25, with the deal still subject to regulatory approvals and a shareholder vote. The revised bid comes one day after SkyAI publicly rejected Forward's earlier all-stock proposal, saying its independent Special Committee unanimously determined the offer was not in shareholders' best interests and reaffirming its plan to remain independent. SkyAI also defended its Solana treasury strategy, saying it held more than two million SOL with no outstanding debt, reported more than $12 million in staking revenue through June 30, and said its validator generated a 6.01% annualized gross yield over the 10 epochs ending September 8, above the 5.57% stake-weighted average across Solana validators. The renewed push arrives three days before SkyAI's September 18 annual meeting, where shareholders will vote on five director nominees and the company's 2026 equity incentive plan, and Forward has already urged investors to withhold votes from SkyAI's entire board slate and reject the equity plan.
Digital Finance & Tokenization › Bitcoin / Crypto Treasury & Store-of-Value Proxies Capital
FWDI · Capital · Positive Forward Industries sweetened its takeover offer for SkyAI to a 50% premium, an M&A move that is the subject of the story.
SOL · Capital · Neutral Solana is the treasury asset underlying SkyAI's strategy; the takeover bid and SkyAI's defense of its SOL holdings/staking yield are context, not a direct driver of SOL's own price.
Watch 3 Standout Altcoins Ahead of the US Senate's CLARITY Act Vote Today
The cryptocurrency market is watching today's cloture vote on the CLARITY Act in the US Senate, which needs 60 votes in favor to move to the next stage. It is widely expected that if the vote fails, it will end the bill's chances for the remainder of 2026. Meanwhile, Bitcoin is trading near 77,000 dollars, with support between 76,000 and 77,000 dollars and resistance at 78,000 to 79,000 dollars, plus another level at 80,000 to 82,000 dollars. Altcoins have outperformed Bitcoin over the past 30 days, with open interest in perpetual futures on altcoins surpassing Bitcoin for the first time since late 2024. Solana returned to an uptrend on the weekly chart from the week of August 24 and has gained about 8.6%, trading near 103 dollars, but it remains roughly 65% below its January 2025 peak of 293 dollars. Hyperliquid returned to an uptrend in April at around 38 dollars and has risen more than 95% since then, with analysts seeing potential for it to climb into the 100 to 150 dollar range. Zcash turned back to an uptrend in late August after closing the week above 665 dollars and surged past 1,200 dollars, with open interest in Zcash futures hitting a peak near 2.4 billion dollars during the price surge before pulling back. The US central bank's monetary policy meeting will be held on September 15-16, with the market pricing in a 60% to 70% chance of a 0.25% rate hike.
DeFi Development Adds 55,491 SOL, Lifting Treasury to 2.39 Million
Nasdaq-listed DeFi Development Corp has increased its Solana treasury by 55,491 SOL, bringing total holdings to about 2.39 million SOL and SOL equivalents, a roughly 2% increase since August 27. The company said Monday it resumed regular Solana purchases and continues to generate yield from its holdings, making it the second-largest public-company holder of Solana after Forward Industries. Alongside the treasury increase, DeFi Development established a $300 million at-the-market offering for its CHAD perpetual preferred stock, the Variable Rate Series C Perpetual Preferred Stock, which carries an initial annual dividend rate of 13%. The company plans to issue the shares at or above their $10 par value, with most proceeds expected to fund additional SOL purchases. CEO Joseph Onorati said the company is growing its SOL treasury, generating more organic yield and delivering strong performance, with DFDV returning twice as much as SOL quarter-to-date.
Digital Finance & Tokenization › Bitcoin / Crypto Treasury & Store-of-Value Proxies Capital
DFDV · Capital · Positive DeFi Development added 55,491 SOL to its treasury and set up a $300M at-the-market preferred stock offering to fund more SOL purchases.
DFDV · Demand · Positive The company resumed regular Solana purchases and continues generating yield from its holdings.
SOL · Demand · Positive DeFi Development's resumed SOL purchases and planned treasury expansion represent concrete buying demand for Solana.
Binance's CZ Reacts as BNB Chain Outperforms Solana in DeFi TVL
BNB Chain has continued to hit major milestones following its growing user engagement across the DeFi ecosystem, flipping other major blockchain networks in key metrics. The network has now outperformed Solana in DeFi total value locked, prompting a reaction from Binance's CZ, who said there is still a "Long Way to Flip ETH." The milestone marks another step in BNB Chain's expansion across decentralized finance, though Ethereum remains the larger target in terms of TVL.
BNB Chain Overtakes Solana as Fastest-Growing Chain by RWA Value
BNB Chain has flipped Solana to become the fastest-growing chain by real-world asset value, as it continues to establish a strong foothold in the RWA market. The network has continued to expand its tokenized assets market amid growing adoption from investors. The shift marks a change in the ranking of blockchain networks by the value of tokenized real-world assets, with BNB Chain now leading Solana on that measure.
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Demand
SOL · Competition · Negative BNB Chain flipped Solana to become the fastest-growing chain by real-world asset value, signaling Solana losing ground in the RWA market.
Bitwise has bought $107 million of Solana in 20 days, a heavy accumulation by the leading asset management firm that has sparked discussions given the slow momentum in the Solana ETF market. The purchase stands out because it comes as the Solana ETF market continues to show sluggish momentum. Bitwise is a leading asset management firm, and its move into Solana has drawn attention from market observers. The buying spanned a 20-day period, according to the report.
Tokenized Stocks Roll Out in Earnest on Solana as Pump.fun Launches New Feature
The rollout of tokenized stocks on Solana is accelerating. Sunrise, which provides the distribution infrastructure for on-chain assets, announced on September 9 that it has added tokenized assets for 20 US stocks issued by Backpack Securities onto Solana. These include Nike, Micron, and Moderna. In addition, Pump.fun, a major token issuance platform on Solana, announced its new Custom Pairs feature on its official X account on September 10, allowing users issuing tokens to choose tokenized assets such as Tesla, Nvidia, and S&P 500 ETFs as the counterparty in a trading pair, rather than only Solana or USD Coin as before. Together with Sunrise and xStocks, the platform supports 93 asset pairs. The move that comes to mind here is US-based Robinhood, which in July launched the mainnet of Robinhood Chain, its own blockchain designed for real-world assets, and is rolling out Stock Tokens that provide economic exposure to stocks and ETFs. While Robinhood looks to lock in a tokenized-asset economy centered on its own chain, multiple players including Sunrise, Backpack Securities, xStocks, and Pump.fun are entering one after another on Solana, and the push around tokenized stocks looks set to fuel competition among blockchains as well.
SOL · Demand · Positive Sunrise, Backpack Securities, xStocks, and Pump.fun are all rolling out tokenized-stock features on Solana, driving on-chain activity and adoption of the network.
Pump.fun · Technology · Positive Pump.fun launched its new Custom Pairs feature letting token issuers use tokenized assets like Tesla, Nvidia, and S&P 500 ETFs as trading-pair counterparties.
Backpack · Demand · Positive Backpack Securities issues the 20 tokenized US stocks that Sunrise added onto Solana, expanding distribution of its tokenized assets.
HOOD · Competition · Neutral Robinhood's own tokenized Stock Tokens and Robinhood Chain face new competition as Sunrise, Backpack, xStocks and Pump.fun roll out tokenized stocks on Solana.
Solana Doubles Robinhood Chain Revenue in 24 Hours
Solana has surpassed Robinhood Chain in 24-hour application revenue, generating about $6.56 million, more than twice the revenue of its competitor. This makes Solana the largest network in the ranking, according to the most recent data.
Solana ETF Weekly Inflows Plunge 96% to $6.18 Million
Net inflows into Solana exchange-traded funds fell 96% in a week, from $153.87 million in the week ending August 28 to $6.18 million in the week ending September 4, 2026, across the nine funds tracked by SoSoValue. Despite the sharp slowdown, the funds still recorded a net inflow for the week, with total net assets standing at about $1.41 billion as of September 4, down slightly from $1.43 billion the previous week. The decline was driven by a $5.21 million net outflow on September 4, which erased much of the earlier inflows. Weekly trading volume in Solana ETFs also fell from $699.39 million to $350.27 million. In comparison, Bitcoin ETFs saw inflows rise 6.7% to $986.85 million, while Ethereum ETFs saw inflows drop 74% to $218.41 million. Solana's price hovered around $103, having dipped to $98.30 on September 1 before ending the week near $101.95.
Coinbase Launches Regulated Crypto Derivatives in Canada
Coinbase has launched regulated crypto derivatives for eligible Canadian investors, offering 23 perpetual and dated futures contracts tied to Bitcoin, Ether, and Solana, as well as commodity and index futures, through Coinbase Financial Markets. The products, available initially to permitted clients under an international dealer exemption, include nano-sized contracts with leverage up to 10 times and promotional pricing of 0.02% per trade plus a flat $0.11 per contract. Coinbase Canada CEO Eric Richmond said the rollout advances the company's "Everything Exchange" vision, aiming to bring products that Canadian traders previously accessed offshore onto a regulated venue. The exchange plans to expand its Canadian offerings, pending regulatory approval, as part of a broader strategy to become a one-stop platform for trading, paying, saving, and growing assets.
Solana Leads RWA Flows with $348 Million in 30 Days
Solana has emerged as the top blockchain for real-world asset flows, attracting $348 million in net inflows over the past 30 days, according to the RWA Foundation's X account. This figure underscores Solana's growing dominance in the tokenization of traditional assets, outpacing other networks in the sector.
Solana launches Payment Channels for AI agents, Alibaba Cloud integrates APIs
Solana has launched Payment Channels, a feature that allows AI agents to authorize a spending limit once and make multiple payments without needing approval for each transaction. The system enables agents to pay for data, computing power, and AI-generated answers repeatedly, with individual payments recorded separately and settled in a single transaction on the Solana blockchain. Funds are held in a secure escrow account, and unused funds are returned after settlement. Solana reported that Payment Channels processed over 1 million payments per second in tests involving 100,000 wallets. Alibaba Cloud is also launching API endpoints using Payment Channels, allowing AI agents to access its inference services after a one-time authorization instead of approving each call. This move expands Solana's payment use cases beyond traditional crypto transfers toward machine-to-machine payments.
Bitcoin Fluctuates Near $77,000 as ETF Outflows and Fed Rate Hike Expectations Rise
Bitcoin traded around $77,000 on Wednesday morning, down slightly 0.13% in 24 hours. Meanwhile, U.S. spot Bitcoin ETFs saw net outflows of $236.46 million on Tuesday, reversing from August's cumulative inflows of over $3.5 billion. The market has increased the probability of a Fed rate hike at the September 15-16 meeting to 70.2%, up from 41.43% the previous week, after Fed Chair Kevin Warsh signaled he does not believe inflation is truly slowing. WTI oil prices rose to $90.78 per barrel, and the 10-year U.S. Treasury yield hit its highest level since January 2025, pressuring risk assets. The Fear and Greed Index remains in the Greed zone at 61-70, and long positions on Binance account for 56.3% of all accounts. Meanwhile, Remixpoint, a Japanese company, sold all its Ethereum, Solana, XRP, and Dogecoin on September 1, raising a total of 878.8 million yen (approximately $5.5 million) with a profit of 117.8 million yen (approximately $737,000). It still holds about 1,506 Bitcoins, worth $115.3 million. Phong Le, CEO of Strategy, confirmed that selling Bitcoin at $60,000 before buying back at $80,000 was the right decision. The company holds a total of 845,050 Bitcoins, with a market value of around $65 billion, and has zero net debt.
BTC · Monetary · Negative Bitcoin trades near $77,000 as rising Fed rate-hike odds (70.2% for September) and ETF outflows of $236.46M pressure the asset.
MSTR · Capital · Neutral CEO Phong Le confirmed the $60k sell/$80k buyback was right and the company holds 845,050 BTC with zero net debt, but no new company-specific development.
US-10Y.GB · Monetary · Positive Rising Fed rate-hike expectations and inflation concerns pushed the 10-year Treasury yield to its highest since January 2025.
DOGE · Capital · Negative Remixpoint sold all its Dogecoin on September 1 as part of liquidating its crypto holdings.
ETH · Capital · Negative Remixpoint sold all its Ethereum on September 1, raising funds as part of its crypto liquidation.
SOL · Capital · Negative Remixpoint sold all its Solana on September 1 as part of liquidating its crypto holdings.
Solana Hits New ATH with 5.2 Billion Non-Vote Transactions in August
August proved to be the best performing month for many top cryptocurrencies, including Solana, which not only saw a notable price breakout but also crossed a major milestone in network activity with 5.2 billion non-vote transactions, achieving a new all-time high.
Crypto Whales Rotate from Bitcoin to XRP and Solana: Wintermute
The cryptocurrency market has demonstrated unexpected macroeconomic resilience, fully absorbing the impact of the Fed Chair's hawkish speech and the decline in the U.S. technology sector, according to analysts at market maker Wintermute in its latest review. Wintermute reports that crypto whales are rotating from Bitcoin to XRP and Solana, a shift that underscores the market's strength despite broader economic headwinds. The analysis highlights the growing appeal of alternative digital assets as investors diversify their holdings.
DeFi Development Announces $20M Preferred Stock IPO
DeFi Development Corp. announced plans for an initial public offering of up to $20 million of Series C perpetual preferred stock, with the underwriter receiving a 30-day option to purchase up to an additional 15% of the shares offered. The preferred stock will initially carry a 13% annual dividend rate, payable daily, and the company intends to use net proceeds for working capital, acquisitions of Solana and other digital assets, strategic transactions, and growth initiatives. DeFi Development also plans to establish a reserve covering the first 12 months of dividend payments at the initial rate. R.F. Lafferty & Co., Inc. is acting as sole book-running manager for the offering, and shares rose 8.03% following the announcement.
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Capital
DFDV · Capital · Positive DeFi Development announced a $20M preferred stock IPO with 13% dividend, raising capital for working capital, Solana acquisitions, and growth initiatives.
R.F. Lafferty & Co., Inc. · Capital · Positive R.F. Lafferty & Co. is acting as sole book-running manager for the $20M preferred stock offering, a mandate for the firm.
SOL · Demand · Positive DeFi Development intends to use IPO proceeds to acquire Solana and other digital assets, signaling demand for SOL.
Mercoin, a subsidiary of Mercari, began offering trading of Solana (SOL) on Mercari's cryptocurrency trading service starting August 31, 2026. The trades are brokered by Mercoin, with Coincheck as the counterparty. Solana is a layer-1 blockchain known for its high speed and low transaction fees, and is used in DeFi and NFTs. Mercoin will run a campaign from September 1 to September 14, giving 200 yen worth of Mercari points to users who purchase Solana for the first time.
enish Announces Details of SOL-Focused Shareholder Benefits, Distributed via SBI VC Trade
Game developer enish announced on August 31 that it will distribute the cryptocurrency Solana (SOL) and Bitcoin (BTC) to shareholders as part of its shareholder benefit program for the fiscal year ending December 2026, through accounts at SBI VC Trade's "VCTRADE" service. The company sold all its Bitcoin holdings in June and shifted to a SOL-focused strategy, and on August 26 decided to purchase up to 100 million yen worth of SOL. This announcement details the reception window and distribution method for the shareholder benefit program announced in July, targeting shareholders who hold at least 500 shares as of December 31, 2026. By opening and maintaining an SBI VC Trade account by April 30, 2027, and entering via the special website from March 1 to April 30 of that year, shareholders will be eligible for a lottery to receive a total of 10 million yen worth of SOL and BTC (5 million yen each). On August 31, enish's closing price was 28 yen, up 1 yen (+3.70%) from the previous day.
3667.JP · Capital · Positive enish details its SOL/BTC shareholder benefit program and its shift to a SOL-focused strategy, a corporate treasury/financial move.
SOL · Demand · Positive enish decided to purchase up to 100 million yen worth of SOL and will distribute SOL to shareholders, adding company-level demand.
SBI VC Trade · Demand · Positive SBI VC Trade's VCTRADE service is the designated platform for distributing the crypto shareholder benefits, driving account openings.
Solana's Block Generation Time Reduced to 300 Milliseconds, Introducing Network Constitution and Double Disinflation
Solana validators have passed their first binding on-chain vote, deciding to introduce a network constitution and double disinflation. As a result, slot time has been reduced by 25% over 8 days, reaching 300 milliseconds. This is the second phase of the transition plan 'SIMD-0525', which progresses in 50-millisecond increments from 400 milliseconds to 200 milliseconds. Compared to Bitcoin's average block generation interval of 10 minutes and Ethereum's average of 12 seconds, Solana's 300 milliseconds is significantly shorter. On the same day, it was also reported that Charles Schwab plans to add SOL to Crypto Direct, and Bitwise's Solana staking ETF has surpassed $1 billion in assets under management in 10 months.
