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Solana’s stablecoin supply has reached a new all-time high of $17.39 billion, marking another sharp expansion in dollar-backed liquidity on the network.

The total supply stood at approximately $16.13 billion yesterday, September 24, representing an increase of $1.26 billion, or 7.8%, in 24 hours.

The latest record also came only 3 days after Solana set its previous ATH. The market reached approximately $16.87 billion on September 22 before breaking above that level today.

The latest surge followed fresh issuance from the network’s 2 largest stablecoin issuers. Circle minted approximately $751 million in $USDC, while Tether minted about $530 million in $USDT on Solana over the past 24 hours. 

Combined, the 2 issuers added roughly $1.28 billion in new stablecoins, slightly above the network’s net $1.26 billion increase.

$USDC Remains Largest, But Its Dominance Has Shifted $USDC currently accounts for 47.31% of Solana’s stablecoin supply, making it the network’s largest stablecoin.

That share has changed considerably in recent months.

Last week, $USDC dominance fell to approximately 44%, down from 80.3% at its February 2025 all-time high. $USDC presently accounts for $8.23 billion of the total supply. $USDT comes next with $2.66 billion.

Regulation Adds Another Layer The stablecoin expansion comes as U.S. regulators move to implement the GENIUS Act. On September 24, the Federal Reserve proposed 2 rules covering payment stablecoin issuers under its supervision. The framework would require issuers to fully back stablecoins with permitted reserve assets, including short-term Treasury bills and other high-quality liquid assets. It would also introduce capital and risk-management requirements and establish a process for Fed-supervised banks seeking approval to issue payment stablecoins.

The proposals also address stablecoin-related activities at Fed-supervised banks and certain arrangements involving rewards or yield. The Fed opened a 60-day public comment period before it considers final rules.

For Solana, the latest stablecoin supply all-time high shows how quickly dollar liquidity can expand when multiple issuers compete for activity on the same network. While USDC remains the largest individual asset, the market now contains a broader mix of stablecoins.

Read More on SolanaFloor Solana’s Rally Is Reviving DAT Stocks and Opening the Door to More $SOL Buys
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How to Trade on Solana Like a Pro

Solana (SOL): Strong bullish momentum above key moving averages, with $120–$122 as the main resistance and $110–$115 providing important support.Zcash (ZEC): The powerful uptrend remains intact, but extreme price extension raises correction risk as ZEC challenges $1,600–$1,680 resistance.Chainlink (LINK): LINK remains firmly bullish after reaching new local highs, with $14.20–$14.50 as the next resistance zone and $13 as initial support.Cardano (ADA): ADA is testing a crucial breakout above its 200-day moving average, with $0.26 as immediate resistance and $0.24–$0.245 as key support.Solana is close to a psychological breakthroughSolana is currently trading at about $119 after breaking above the psychological $100 level. The most recent daily candle extended a rally that started from the $75–$80 area in August, reaching roughly $122 before slightly declining. Over the last month, there have been significant changes to the technical structure.

After breaking above its 200-day moving average at about $90, SOL established a consolidation zone between about $97 and $107. Before another expansion propelled SOL through $110 and ultimately $120, buyers repeatedly defended the lower end of that range.

SOL/USDT Chart by TradingViewThere has been increased trading volume in tandem with the breakout. Additionally, SOL trades above all major moving averages; the intermediate averages are rising toward $95–$100, while the shortest average is already close to $107.

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After previously cooling from overbought territory, the RSI is currently in the mid-60s, providing room for another rise. The resistance right now is between $120 and $122.50. A sustained breakout above this area would reveal $125 and then roughly $130.

The first support level on the downside is $115, and the more significant breakout zone is between $110 and $112. A deeper correction toward $105 would be more likely if $110 were lost.

Zcash's erratic performanceAfter another erratic attempt to break above $1,600, ZEC has returned to about $1,585 as Zcash continues its remarkable rise. The magnitude of the move is still remarkable. Before surging through $800, $1,000, and $1,500 in September, ZEC was trading at about $500 in late August.

Before sellers forced another correction, the most recent advance hit about $1,680. ZEC continues to generate higher highs and higher lows in spite of that rejection. The price is still significantly above all major moving averages; the shortest average is already close to $1,250, and intermediate averages are still below about $1,050. The 200-day moving average is at $650, which is significantly lower.

ZEC/USDT Chart by TradingViewThis massive divergence both validates the trend's strength and increases the risk of a correction. Even a regular return toward its shortest moving average would indicate a decline of more than 20 percent; ZEC no longer needs to break below a significant long-term indicator to undergo a severe drawdown.

The primary resistance area is still $1,600–$1,680. After clearing it, the next immediate level would be $1,700, with the psychological $2,000 target coming next. Support is approximately $1,500, with $1,450 coming in second.

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A sharp decline in that area might hasten a correction toward $1,300–$1,350. After its vertical September rally, ZEC is still very extended, but the RSI has cooled from earlier overbought readings.

Chainlink settlesChainlink's September rally is still going strong; LINK reached about $14.20 before settling at about $13.82. The most recent action establishes yet another higher high and demonstrates that buyers are still in charge after the August reversal. The wider technical transformation of LINK is significant.

LINK/USDT Chart by TradingViewIn early August, the asset was trading near $8 before surpassing both its 200-day moving average and the $9.50 region. Since then, LINK has established a distinct pattern of rising highs and rising lows, with buyers continuously drawn to corrections. The most recent breakout broke through the previous local peak, which was between $13.50 and $13.70.

The advance has been accompanied by an increase in volume, and LINK is currently trading above all major moving averages. The long-term averages are close to $10.20–$10.40, the intermediate averages are around $11–$11.30, and the shortest average is getting close to $12.

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Despite LINK reaching new local highs, the RSI is still below extreme overbought territory. Even though volatility has significantly increased, there is still some potential for further appreciation. The next obstacle is located between $14.20 and $14.50. Once this area is cleared, the psychological $15 level becomes more apparent.

The first support is around $13, and then $12.40–$12.50. A move below $12 would indicate a more significant decline in the present momentum. Although LINK's trend is still firmly upward for the time being, its increasing distance from major moving averages makes sharp corrections increasingly likely.

Cardano's pace isn't too bullishOne of Cardano's most significant breakouts in months is being attempted. After briefly rising to about $0.259, ADA is currently trading at about $0.252, placing the price right around the declining 200-day moving average. It is hard to overlook the importance of this area.

ADA/USDT Chart by TradingViewADA has been below the 200-day average for almost the entire displayed period, and the indicator has frequently served as long-term resistance. The price has finally broken through it thanks to the most recent rally, but ADA still needs to establish consistent closes above the $0.245–$0.25 area.

Since June, there has been a substantial improvement in the underlying structure. After hitting a low of about $0.145, ADA began to rise. More recently, buyers pushed the price through $0.22, $0.24, and finally $0.25 after defending the $0.195–$0.20 range.

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Additionally, shorter moving averages have turned upward and are currently grouped between $0.20 and $0.22. Compared to ADA's prior attempts at recovery, this results in far stronger underlying support.

The area of immediate resistance is $0.26. A clear breakout would pave the way for the major May high, which is around $0.28. After that, $0.30 is the subsequent psychological goal. $0.24–$0.245 is now crucial on the downside.

If it is held, the 200-day breakout is starting to solidify. The likelihood of another unsuccessful breakout would increase if the price fell back below that range, with $0.22 serving as the next significant support.

Solana, Zcash, Chainlink, and Cardano are confronting pivotal resistance levels following strong rallies in recent weeks. Each asset has shown distinct technical patterns and investor behavior, offering important clues for traders about possible future moves.

Solana nears $122 resistance after major breakoutSolana is currently trading around $119 after passing the significant $100 psychological milestone and extending gains from the $75–$80 range reached in August. The recent daily candle pushed towards $122 before a modest pullback, reflecting a shift in momentum and trading structure during the past month.

Since decisively breaking above its 200-day moving average at $90, Solana consolidated in the $97–$107 zone. Buyers repeatedly supported the lower end of this range, eventually propelling the price through $110 and then $120. This surge has been coupled with increased trading volume and confirms bullish sentiment above all major moving averages. The shortest of these averages now sits near $107, with intermediate averages rising toward $95–$100.

The relative strength index (RSI) has cooled from overbought levels and now stands in the mid-60s, suggesting room for further appreciation. Immediate resistance is found between $120 and $122.50. Should Solana close firmly above this area, further targets could include $125 and $130.

Support on the downside appears at $115, with a more significant zone between $110 and $112. A drop below $110 might trigger a deeper correction, potentially targeting $105.

Solana Price ZonesLevelResistance$120–$122.50Next Resistance$125 / $130Support$115Key Support$110–$112Zcash maintains uptrend but faces correction risksZcash has sustained an aggressive uptrend, with the price recently attempting to breach $1,600 before settling near $1,585. This advance started at $500 in late August, then cut through the $800, $1,000, and $1,500 levels as momentum accelerated in September.

Although a pullback followed a brief rally to around $1,680, Zcash continues to register higher highs and higher lows. The asset trades above all primary moving averages, with the shortest metric near $1,250 and the 200-day moving average well below at $650. These extended gaps confirm trend strength but also introduce a heightened risk of significant corrections—even a move down to the shortest average would mean a drop of more than 20 percent.

Current resistance remains at the $1,600–$1,680 zone. A breakthrough could set sights on $1,700 and eventually the psychological $2,000 mark. First support stands at $1,500, with $1,450 providing a secondary safety net. A steeper fall toward $1,300–$1,350 could materialize if these levels are breached. The RSI, meanwhile, has retreated from extreme readings, leaving some space for further movement.

Zcash is a privacy-focused cryptocurrency that uses zero-knowledge proofs to enable shielded transactions, emphasizing user anonymity on its blockchain.

Mini dictionary: Zero-knowledge proof, a cryptographic method allowing one party to prove to another that a statement is true without revealing any details beyond the validity of the statement itself.

Chainlink sustains bullish momentumChainlink’s rally from August lows continues, with the token reaching $14.20 before settling around $13.82. The asset has displayed clear buyer control, repeatedly posting higher highs, and establishing a robust bullish trend after surpassing its 200-day moving average earlier this quarter.

In August, Chainlink was trading close to $8. Following a breakout above the $9.50 mark and the 200-day average, it consistently formed rising lows. The latest breakout overtook resistance near $13.50–$13.70, supported by rising trading volume. LINK is now positioned above all significant moving averages, with the shortest approaching $12 and longer averages near $10.20–$10.40.

Although the RSI remains below overbought extremes, elevated volatility suggests caution is warranted. The primary resistance now lies between $14.20 and $14.50, while $13 and $12.40–$12.50 constitute the next support levels. Should LINK fall below $12, a deeper retracement could follow. The distance from core moving averages raises the probability of sharper corrections even as the uptrend remains intact.

Solana, Zcash, Chainlink, and Cardano have all reached technical milestones, with each asset eyeing new resistance levels after strong recent rallies. As key support and resistance areas come into focus, traders are closely monitoring for signs of a sustained breakout or the risk of sudden corrections.

Cardano attempts crucial breakout above 200-day averageCardano is seeking one of its most important technical breakouts in months. The asset is now priced at approximately $0.252 after briefly tapping $0.259, bringing it face to face with its 200-day moving average, which has acted as a long-term ceiling.

The ADA price trended below this moving average for most of the recent period, but the latest rally allowed a move through the $0.245–$0.25 region. Sustained closes above this band would confirm a meaningful change in trend. The structure has improved significantly since hitting a low near $0.145 in June, followed by stable gains through $0.22, $0.24, and $0.25. Buyers have repeatedly defended the $0.195–$0.20 support.

Short-term moving averages underlying ADA have turned upward and currently cluster near $0.20–$0.22, establishing stronger support than previously. Immediate resistance stands at $0.26; a clear breakthrough could open the path to $0.28 and then the $0.30 psychological level. If the price maintains support at $0.24–$0.245, the breakout is likely to hold. Dropping below this range would make another failed breakout more probable, with $0.22 as the next significant support.

The floor price of Mad Lads, the core NFT in the Backpack ecosystem, has climbed to 13.57 SOL, marking a 24-hour increase of 85.23%.

NFT project Mad Lads’ floor price has risen to 13.57 SOL, equivalent to approximately $1,640, with an 85.23% increase over the past 24 hours. As a core NFT in the Backpack ecosystem, Mad Lads has been re-priced recently amid the strong performance of Backpack’s platform token BP.

5 minutes ago

Meituan’s LongCat-2.5 preview version launches: Native multimodal, focused on long-range agents.

Beating AI Express Briefing: Meituan launches LongCat-2.5-Preview. The model retains LongCat-2.0’s 1.6T total parameters, ~48B activated parameters, and 1M-token context window, while adding native multimodal capabilities, supporting long-process tasks across scenarios including terminals, browsers, desktop software, spreadsheets, and design tools. LongCat-2.5-Preview is integrated with its official API, compatible with both OpenAI and Anthropic interfaces, with a maximum output length of 128K tokens. The official has also provided integration methods for Codex, OpenCode, OpenClaw, and CatPaw, enabling direct calls from existing Agent tools. Meituan is distributing 5 million free tokens to all existing users for testing the new model, while existing token packages remain usable. However, the official has not yet released benchmarks for LongCat-2.5, and no public data is currently available to compare improvements in GUI operations and long-process tasks.

5 minutes ago

Yuga Labs: The NFTs Are Safe claim portal is being refined, and a small-scale test has been launched.

Yuga Labs’ Vice President of Blockchain, Quit, announced that the NFTs Are Safe claim portal is being refined, with a small-scale test now open. Users can access the portal to check their eligible claimable NFTs, and report any errors found in the claimable content. The official claim will use the same snapshot and launch after completing additional quality checks, though users may need to wait longer due to the approximately 25,000 NFTs involved. The project has required significant time investment, with gas fees alone reaching $7,500 last night. Yuga Labs thanked the community for their support, as well as users who donated via X Money. Yesterday, news emerged that a payment processor vulnerability led to the theft of a large number of NFTs; Yuga Labs’ white hat team rescued NFTs valued at over $5.7 million.

5 minutes ago

Solana ecosystem token PAID’s market capitalization has surged past $30 million, rising more than 220% in 24 hours.

According to GMGN market data, the market capitalization of PAID on Solana briefly topped $30 million, with a 24-hour gain of over 220% and trading volume of $23.4 million in the same period. Public information shows that UsePaid is an automatic creator fee revenue-splitting tool for tokens: project teams can route creator fees generated from their meme coins into UsePaid, where 80% is converted to U.S. dollars and disbursed to designated X users via X Money, while 20% is used to repurchase and burn PAID. BlockBeats warns users that related tokens have high price volatility, so investment should be approached with caution.

5 minutes ago

OpenSea responds to security incident: Neither its system nor smart contracts were affected.

OpenSea Chief Technology Officer Chris Maddern responded to the impact of the security incidents involving Magic Eden and Limit Break, stating that OpenSea’s systems and smart contracts have not been compromised. All known affected ERC-721 NFTs have been marked on the platform and cannot be sold. For newly exploited NFTs discovered subsequently, OpenSea will automatically tag them to prevent attackers from obtaining related offers. Users with remaining relevant authorizations will see a prompt banner on the platform page, along with a link to guide them to revoke those authorizations. As of now, more than 3,000 NFTs have been marked as stolen and banned from trading. OpenSea said it will continue to help mitigate the impact of this industry-wide security incident on users.

5 minutes ago

Solana-based Meme coin e/acc surges past $17 million in market capitalization and hits $25.3 million in trading volume just four hours after its launch.

According to GMGN market data, the Solana-based meme coin e/acc exceeded $17 million in market capitalization and recorded $25.3 million in trading volume within four hours of its launch. The token’s narrative centers on Silicon Valley’s "effective accelerationism"—a concept referring to using technology and capital to push AI, energy, and growth to their absolute limits. BlockBeats reminds users that most meme coins lack real use cases, are highly volatile, and investors should exercise caution.

5 minutes ago

The floor price of Mad Lads, the core NFT in the Backpack ecosystem, has climbed to 13.57 SOL, marking a 24-hour increase of 85.23%.

NFT project Mad Lads’ floor price has risen to 13.57 SOL, equivalent to approximately $1,640, with an 85.23% increase over the past 24 hours. As a core NFT in the Backpack ecosystem, Mad Lads has been re-priced recently amid the strong performance of Backpack’s platform token BP.

5 minutes ago

Meituan’s LongCat-2.5 preview version launches: Native multimodal, focused on long-range agents.

Beating AI Express Briefing: Meituan launches LongCat-2.5-Preview. The model retains LongCat-2.0’s 1.6T total parameters, ~48B activated parameters, and 1M-token context window, while adding native multimodal capabilities, supporting long-process tasks across scenarios including terminals, browsers, desktop software, spreadsheets, and design tools. LongCat-2.5-Preview is integrated with its official API, compatible with both OpenAI and Anthropic interfaces, with a maximum output length of 128K tokens. The official has also provided integration methods for Codex, OpenCode, OpenClaw, and CatPaw, enabling direct calls from existing Agent tools. Meituan is distributing 5 million free tokens to all existing users for testing the new model, while existing token packages remain usable. However, the official has not yet released benchmarks for LongCat-2.5, and no public data is currently available to compare improvements in GUI operations and long-process tasks.

5 minutes ago

Yuga Labs: The NFTs Are Safe claim portal is being refined, and a small-scale test has been launched.

Yuga Labs’ Vice President of Blockchain, Quit, announced that the NFTs Are Safe claim portal is being refined, with a small-scale test now open. Users can access the portal to check their eligible claimable NFTs, and report any errors found in the claimable content. The official claim will use the same snapshot and launch after completing additional quality checks, though users may need to wait longer due to the approximately 25,000 NFTs involved. The project has required significant time investment, with gas fees alone reaching $7,500 last night. Yuga Labs thanked the community for their support, as well as users who donated via X Money. Yesterday, news emerged that a payment processor vulnerability led to the theft of a large number of NFTs; Yuga Labs’ white hat team rescued NFTs valued at over $5.7 million.

5 minutes ago

Solana ecosystem token PAID’s market capitalization has surged past $30 million, rising more than 220% in 24 hours.

According to GMGN market data, the market capitalization of PAID on Solana briefly topped $30 million, with a 24-hour gain of over 220% and trading volume of $23.4 million in the same period. Public information shows that UsePaid is an automatic creator fee revenue-splitting tool for tokens: project teams can route creator fees generated from their meme coins into UsePaid, where 80% is converted to U.S. dollars and disbursed to designated X users via X Money, while 20% is used to repurchase and burn PAID. BlockBeats warns users that related tokens have high price volatility, so investment should be approached with caution.

5 minutes ago

OpenSea responds to security incident: Neither its system nor smart contracts were affected.

OpenSea Chief Technology Officer Chris Maddern responded to the impact of the security incidents involving Magic Eden and Limit Break, stating that OpenSea’s systems and smart contracts have not been compromised. All known affected ERC-721 NFTs have been marked on the platform and cannot be sold. For newly exploited NFTs discovered subsequently, OpenSea will automatically tag them to prevent attackers from obtaining related offers. Users with remaining relevant authorizations will see a prompt banner on the platform page, along with a link to guide them to revoke those authorizations. As of now, more than 3,000 NFTs have been marked as stolen and banned from trading. OpenSea said it will continue to help mitigate the impact of this industry-wide security incident on users.

5 minutes ago

Solana-based Meme coin e/acc surges past $17 million in market capitalization and hits $25.3 million in trading volume just four hours after its launch.

According to GMGN market data, the Solana-based meme coin e/acc exceeded $17 million in market capitalization and recorded $25.3 million in trading volume within four hours of its launch. The token’s narrative centers on Silicon Valley’s "effective accelerationism"—a concept referring to using technology and capital to push AI, energy, and growth to their absolute limits. BlockBeats reminds users that most meme coins lack real use cases, are highly volatile, and investors should exercise caution.

5 minutes ago

Meituan’s LongCat-2.5 preview version launches: Native multimodal, focused on long-range agents.

Beating AI Express Briefing: Meituan launches LongCat-2.5-Preview. The model retains LongCat-2.0’s 1.6T total parameters, ~48B activated parameters, and 1M-token context window, while adding native multimodal capabilities, supporting long-process tasks across scenarios including terminals, browsers, desktop software, spreadsheets, and design tools. LongCat-2.5-Preview is integrated with its official API, compatible with both OpenAI and Anthropic interfaces, with a maximum output length of 128K tokens. The official has also provided integration methods for Codex, OpenCode, OpenClaw, and CatPaw, enabling direct calls from existing Agent tools. Meituan is distributing 5 million free tokens to all existing users for testing the new model, while existing token packages remain usable. However, the official has not yet released benchmarks for LongCat-2.5, and no public data is currently available to compare improvements in GUI operations and long-process tasks.

15 minutes ago

Yuga Labs: The NFTs Are Safe claim portal is being refined, and a small-scale test has been launched.

Yuga Labs’ Vice President of Blockchain, Quit, announced that the NFTs Are Safe claim portal is being refined, with a small-scale test now open. Users can access the portal to check their eligible claimable NFTs, and report any errors found in the claimable content. The official claim will use the same snapshot and launch after completing additional quality checks, though users may need to wait longer due to the approximately 25,000 NFTs involved. The project has required significant time investment, with gas fees alone reaching $7,500 last night. Yuga Labs thanked the community for their support, as well as users who donated via X Money. Yesterday, news emerged that a payment processor vulnerability led to the theft of a large number of NFTs; Yuga Labs’ white hat team rescued NFTs valued at over $5.7 million.

15 minutes ago

Solana ecosystem token PAID’s market capitalization has surged past $30 million, rising more than 220% in 24 hours.

According to GMGN market data, the market capitalization of PAID on Solana briefly topped $30 million, with a 24-hour gain of over 220% and trading volume of $23.4 million in the same period. Public information shows that UsePaid is an automatic creator fee revenue-splitting tool for tokens: project teams can route creator fees generated from their meme coins into UsePaid, where 80% is converted to U.S. dollars and disbursed to designated X users via X Money, while 20% is used to repurchase and burn PAID. BlockBeats warns users that related tokens have high price volatility, so investment should be approached with caution.

15 minutes ago

OpenSea responds to security incident: Neither its system nor smart contracts were affected.

OpenSea Chief Technology Officer Chris Maddern responded to the impact of the security incidents involving Magic Eden and Limit Break, stating that OpenSea’s systems and smart contracts have not been compromised. All known affected ERC-721 NFTs have been marked on the platform and cannot be sold. For newly exploited NFTs discovered subsequently, OpenSea will automatically tag them to prevent attackers from obtaining related offers. Users with remaining relevant authorizations will see a prompt banner on the platform page, along with a link to guide them to revoke those authorizations. As of now, more than 3,000 NFTs have been marked as stolen and banned from trading. OpenSea said it will continue to help mitigate the impact of this industry-wide security incident on users.

15 minutes ago

Solana-based Meme coin e/acc surges past $17 million in market capitalization and hits $25.3 million in trading volume just four hours after its launch.

According to GMGN market data, the Solana-based meme coin e/acc exceeded $17 million in market capitalization and recorded $25.3 million in trading volume within four hours of its launch. The token’s narrative centers on Silicon Valley’s "effective accelerationism"—a concept referring to using technology and capital to push AI, energy, and growth to their absolute limits. BlockBeats reminds users that most meme coins lack real use cases, are highly volatile, and investors should exercise caution.

15 minutes ago

DoubleZero Co-founder Responds to Solana-Related FUD

DoubleZero co-founder Austin Federa posted that some "industry bigwigs" have recently been spreading FUD (Fear, Uncertainty, Doubt) about the project in private communications. He emphasized that DoubleZero is fully focused on Solana: it has provided free high-speed connectivity for over 60% of Solana’s staked assets, with roughly 75% of validators using its network. The firm also runs lower-cost raw shred services and returns approximately 45% of related revenue to validators. Austin Federa added that more products for Solana are in the pipeline.

15 minutes ago

Switchboard’s September 25 support deadline has turned a six-day migration warning into a test of Solana’s price feeds. Current public documentation shows where its data remains part of an application’s design, but those pages cannot prove that a live market is still using the feed. Jito and marginfi provide two sharply different views of the exposure.

Summary

Switchboard said technical support would end on September 25, 2026, after its September 19 wind-down announcement. Jito’s Tip Router documentation still names Switchboard as a pricing source for vault weights, although the overview is 9 months old. Marginfi’s September upgrade describes 9 new oracle setups that do not depend on Switchboard. A stale price feed can affect collateral checks, while Jito documents a separate fallback for reward-weight pricing. No live protocol-wide count of unmigrated Switchboard feeds was verified for the September 25 deadline. Switchboard has reached its stated September 25 end of technical support, leaving Solana applications to verify the price sources configured in their live programs.

The oracle project’s September 19 statement, as reproduced in coverage of the announcement, said its core development contributor Switchboard Technology Labs would wind down and all implementations were deprecated immediately. The team urged integrators to migrate to other providers, naming Pyth and RedStone. September 25 was described as the last day for existing support. A company ending support is a real operational milestone. It does not, by itself, prove that every onchain feed stopped updating at midnight or that every application once associated with Switchboard remained dependent on it.

Switchboard’s own documentation has named Kamino, Jito, marginfi and Drift as users. Those are historical integration claims from a provider that was selling an oracle service, not a real-time inventory of active feeds on September 25. Checking each project’s current documentation reveals a more complicated picture. Jito’s Tip Router pages still describe Switchboard in their pricing flow; marginfi’s September technical upgrade adds paths designed to avoid that dependency. One document can be stale while another anticipates a migration. Neither substitutes for an inspection of live account configuration.

The earlier Switchboard funding round was $7.5 million in May 2024. The amount is useful background on the venture’s history, but it gives no measure of today’s protocol exposure. The relevant count is the number and value of live markets whose risk calculations still take data from a feed that cannot be reliably updated, and that count cannot be inferred from a customer logo.

A listed integration is not an active feed Switchboard’s public introduction describes on-demand feeds: applications create or call the data they need, and a price is made available through Solana accounts. Documentation can identify where a protocol knows how to read a Switchboard feed. It may not identify which option a particular market currently selects. A software development kit may support an oracle type long after the last bank switches away from it. Conversely, a website may change while a live reserve retains its older oracle account.

Three levels of evidence need to be kept apart. First is a marketing or integration page, which shows a relationship existed. Second is a program’s supported configuration, visible in technical documentation or code. Third is the live configuration and recent update history of the actual market. Only the third can support a claim that a named market still relied on Switchboard at a given time. Even then, a backup source may be configured, so the impact of a stopped primary feed must be checked against the relevant fallback and freshness rule.

Consider marginfi’s protocol documentation. Its oracle table retains SwitchboardPull and venue variants among available setups. It says a caller must crank a Switchboard pull feed just before use. The same table lists Pyth push feeds and Scope accounts as other setups. A reader could mistake the continued Switchboard row for proof that every marginfi bank still uses it. The table describes supported types, not a complete list of which bank uses which feed today.

BREAKING: Pyth price feeds now live in Etherfi’s Earn product on Optimism, powering the largest crypto neobank with over $5.7B TVL pic.twitter.com/Yvtoc97hvM

— crypto.news (@cryptodotnews) April 17, 2026 Marginfi’s separate Program 0.1.11 note is more current and more specific. It instructed developers to upgrade the SDK to at least version 2.8.0 before September 4, saying banks would begin moving to new oracle setups from that date. The release added nine variants that do not depend on Switchboard, including Kamino Scope feeds and exchange-rate based pricing for certain liquid staking and principal tokens. The note does not say every bank had migrated by September 25. It does show that a project publicly documented a route away from the threatened dependency before the shutdown announcement.

The migration carries a surprising second failure mode. Marginfi says older SDKs cannot decode a bank configured with one of the new oracle enum values. A single bank with an unsupported value can prevent Project0Client.initialize and bank reads, not merely an action involving that bank. In other words, changing an oracle can fix one infrastructure dependency while breaking an integrator that has not updated its software. Marginfi’s document tells integrators how to avoid the SDK problem; it is not evidence that any particular user suffered it.

Project 0 has described unified margin across Solana venues, including Kamino and Drift. Cross-protocol interfaces create another layer at which an oracle migration must be read correctly. The note about older SDK versions is concrete evidence of an integration hazard, without proving a failure in Project 0 or any other named app. A responsible audit would check software versions and live lending-bank configurations before claiming an outage.

Jito’s Tip Router still documents Switchboard Jito Foundation’s Tip Router overview says Switchboard determines the relative weight of assets such as JitoSOL and JTO held in vaults linked to the Tip Router. The overview identifies an onchain Tip Router program, a node-operator client and a permissionless cranker. Its pricing documentation names Switchboard as the current oracle feed and describes backup weights when feeds are unavailable.

The documents place Switchboard in a specific job: pricing vault assets for weight calculations in a tip distribution and restaking system. They do not say that an unavailable Switchboard feed would automatically liquidate a Solana lending position. Jito’s pricing page describes a fallback mechanism, which weakens the simplistic claim that a support sunset necessarily makes all Tip Router operations stop. The exact fallback values, activation conditions and current live oracle accounts still need a current program-state check.

The Tip Router overview showed a last-updated marker of nine months ago when checked on September 25. That age changes how it can be used. It establishes a documented design and identifies where to ask a technical question. It cannot establish that the present program has the same feed configuration. Jito may have updated onchain accounts without revising the page, or it may still use Switchboard with a fallback. Without a recent transaction inspection or a current statement from Jito, a named live dependency remains unverified.

Jito’s public GitHub release notes for Tip Router refer to retrying Switchboard oracle gateways in keeper operations. A codebase containing such logic likewise demonstrates technical integration, not necessarily a dependency of every vault at the time of publication. Code can preserve a compatibility path for months. The live question is whether recent price update transactions target a Switchboard account used by a vault still carrying value, and whether that account advances after the support deadline.

The distinction is often lost when all oracle users are placed in a single list. Jito’s described calculation affects relative asset weights in a distribution system. A lending market’s described calculation determines collateral value and borrower health. Both consume price data, but their failure paths differ. An audit that counts logos would assign the same severity to fundamentally different uses.

Kamino’s Scope is an aggregator, not a provider label Kamino Finance’s public Scope repository describes an onchain aggregator that copies values from multiple oracle accounts into one price feed and validates updates under preset rules. Its README says a feed supports up to 512 prices and that the association between an index and a token pair is not wholly stored onchain. A downstream program may point to Scope while Scope itself relies on other feeds for the selected asset. Seeing Scope in a bank configuration is thus a starting point for tracing the actual data source, not the end.

The September marginfi note lists Scope as an option that does not depend on Switchboard for the new setup it describes. That does not imply every deployment of Scope on every date excludes every Switchboard source. An aggregator can change its underlying inputs. A complete dependency check needs both the consumer’s selected Scope account and the source mapping used to populate its entry. Kamino’s repository supplies the architecture, not a timestamped inventory of current mainnet sources for every application.

Kamino has continued bringing institutions into its lending ecosystem. Galaxy opened two stablecoin vaults on the platform in September. The existence of new vaults shows why naming a whole protocol as exposed without checking its individual assets would be unsound. A USDC vault, a liquid staking token reserve and a tokenized equity market can use different oracle paths. We have not verified that Galaxy’s vaults use Switchboard, so they are not included in a count of affected positions.

Similarly, the older list of Kamino, Jito, marginfi and Drift in Switchboard’s introductory material does not tell us the distribution of exposure among them. A project may use an oracle only for one market, use it as a fallback, or retain code after switching live feeds. The only defensible unit of analysis is a specific market or vault and its configured feed at a specified time. Without that unit, claims about funds at risk are marketing arithmetic run backward.

A stale feed has more than one possible effect The technical consequence of a feed falling behind depends on the consuming protocol. A lending program generally needs a price to determine collateral value and borrowing capacity. If it rejects an old value, an action may fail or a market may pause under its rules. If it accepts stale data, a borrower might transact against a price that no longer matches the market. A fallback source may keep the market operating but introduce a new update rhythm or confidence rule. The protocol’s documentation and onchain configuration decide which path applies.

Marginfi explicitly says Switchboard pull feeds need to be cranked before use. An integrator must therefore supply a fresh update as part of its transaction path. Pyth push feeds, by contrast, are described as being kept fresh through Pyth’s infrastructure. Scope uses an aggregated account value selected by a configured entry index. Moving between these types changes the accounts a transaction needs and the code that checks them. The September SDK warning is one visible example of those changes reaching application software.

For Jito Tip Router, the public docs describe backup weights for unavailable feeds. Whether those backups preserve accurate reward allocation through a sustained outage is a question for live configuration and Jito’s operators, not something a documentation sentence resolves. If a feed keeps updating through independent node operators after the company stops support, no fallback may be triggered immediately. If updates cease but the backup is active, operations may continue with a different pricing method. These are conditional paths, not a prediction of the system’s present state.

An unrelated oracle incident led to liquidations on Vesu earlier in September. It illustrates that incorrect pricing can have economic effects, but it is not evidence of an incident at Switchboard, Jito or marginfi. A shutdown notice should not be turned into a liquidation claim by analogy. The sign of an actual event would be stale account timestamps, failed transactions, a protocol pause or identified losses, none of which has been shown here for the September 25 deadline.

Solana’s move to 250 millisecond slots changed the pace at which blocks are produced, but it did not guarantee that an external price source updates. Faster slots can carry a new price sooner when one exists. They cannot manufacture a price when the node supplying it stops. A protocol’s freshness test may be measured by slot, time or another rule, so a change in the network clock may alter how developers interpret old feed configurations.

Who bears the migration work? The oracle operator publishes or coordinates data, but the consuming protocol chooses the account its program reads and the limits it places on that price. A lending protocol can require governance or an administrator to change oracle addresses for its markets. Its front end and third-party integrators then have to construct transactions with the right additional accounts. Users may only notice a rejected borrow or a paused market, long after the operator and protocol have made their technical decisions.

An operator ending support does not necessarily have the power to rewrite a customer’s program configuration. The Switchboard notice urged users to migrate because integration owners must act. Projects should be assessed by the addresses and account updates they control. If an application already moved to Pyth before September 19, the later support deadline has no direct effect on that market. If it still selects a Switchboard feed and has no working backup, the feed’s behavior after September 25 is the concrete issue.

BREAKING: Pyth becomes an external distributor of Nasdaq Basic

The partnership brings Nasdaq’s real-time U.S. equity quotes and trade data to the Pyth Data Marketplace, expanding access to institutional-grade market information across blockchain applications. pic.twitter.com/7sIrpWL1pI

— crypto.news (@cryptodotnews) September 22, 2026 The strongest opposing reading of the shutdown alarm follows from marginfi’s own September note and Jito’s documented backup. Applications can design redundancy or move ahead of a vendor exit; the code and documents show mechanisms for doing so. Switchboard’s on-demand model can leave some feed infrastructure running independently even if the core contributor has stopped support. The notice did not publish a verified schedule at which every account would halt, and we found no primary evidence establishing such a universal cutoff.

There is a different kind of continuity question for a protocol that made its own fallback. A backup price can prevent a total stop while pricing an asset less frequently or with a different source set. For a reward distribution process, a temporary backup weight may keep epoch accounting moving, although the allocation may then rely on the backup’s assumptions. For a lending market, the fallback could change the price used in a health check. These are not claims about current Jito or marginfi settings. They show what a maintainer must disclose before users can judge whether a migration is complete in operational terms, not merely whether transactions still execute.

A provider wind-down can have delayed effects as well. Code written to request on-demand prices may succeed while an independent gateway answers, then fail when that gateway is retired or its operators stop updating a specific asset. An observer needs several post-deadline timestamps, not a single successful transaction, to infer continued service. The same discipline applies to a failed transaction: one user’s error may arise from a stale SDK or insufficient account input instead of an unavailable oracle. Marginfi’s migration document supplies an explicit example of a software decoding failure that could otherwise be mislabeled as an oracle outage.

JUST IN: Hyperliquid SK Hynix perpetual drops 17.9% on oracle anomaly

Forced liquidations followed an erroneous external market print relayed by the pricing oracle pic.twitter.com/X2YYeLRFiJ

— crypto.news (@cryptodotnews) July 29, 2026 There is a limit to that reassurance. A fallback described nine months earlier needs validation against current state, and a migration option described in September is not proof every bank took it. The two documents supply credible reasons not to assume catastrophe, while leaving a measurable gap. The fair conclusion is narrower than both the promotional and alarmist versions: public documents identify candidate dependencies and escape routes; a current market-by-market configuration audit is needed to establish any remaining exposure.

The live inventory is still the missing document The original reporting here compares Switchboard’s list of four prominent integrators with current primary documents from Jito, marginfi and Kamino. It yields two verified documentary findings. Jito’s older Tip Router documentation names Switchboard for vault pricing and a fallback for unavailable feeds. Marginfi’s September 0.1.11 note describes nine new setups independent of Switchboard and warns of a separate SDK break if integrators do not upgrade. Kamino’s Scope repository explains why an aggregator label alone cannot identify every upstream data source.

The work does not produce a count of live unmigrated feeds, user funds exposed or an outage at any named protocol. The available public pages do not contain a synchronized September 25 snapshot of all oracle accounts, latest successful updates, fallback settings and amounts supported by each market. Claiming a specific dollar total from protocol TVL would be indefensible, because the whole protocol’s assets do not necessarily share the same oracle. The precise headline question remains open at the live-account level.

A proper count would use the market as the row, not the protocol. For each active lending bank, derivative market or reward vault, the auditor would record its program address, selected oracle type, oracle account, backup source if any, latest successful price update, maximum permitted age and the value of positions actually dependent on that particular price. Duplicate markets that share one oracle account should not be counted as distinct feeds; one market using two independent oracles should not be counted as wholly dependent on either without reading its fallback logic. The timestamp of the market configuration matters because an administrator could change a feed after the observation.

This method explains why even a true statement such as a protocol supported 550 feeds in the past is insufficient for the present question. A feed can exist without an active borrower, can have a price update without a consuming market, or can be referenced only in dormant code. A count of feed accounts measures infrastructure. A count of configured markets measures dependency. A count of positions and collateral actually touching those markets measures economic exposure. None is interchangeable with total assets deposited in all products run by a project.

There is a further verification step when a source is an aggregator. The consumer may identify a Scope account and entry index, while the Scope mapping points onward to one or more providers. An update in the Scope account after September 25 proves an aggregator produced a value, but it does not by itself prove Switchboard continued to supply the underlying price. The investigator needs the selected entry and source configuration for that update. Kamino’s repository notes that token-pair labels are not entirely stored onchain, so external configuration or maintainer documentation may be needed to map an index to its asset. Where that mapping is unavailable, the result should be recorded as unknown, not silently attributed to Pyth or Switchboard.

What to watch Market oracle addresses: Compare each active bank or vault’s configured feed with the documented Switchboard accounts. Price update timestamps: Check whether an identified feed continues publishing fresh values after September 25. Fallback configuration: Look for the source and freshness limit used if a primary feed falls behind. Recent program transactions: Check whether borrowing, settlement or tip distribution still completes for the affected market. Dated maintainer updates: Look for a named migration, market pause or remaining dependency, supported by an account or program address. Record the observation time for each check; a screenshot without a block or timestamp can quickly become stale.

Marginfi’s upgrade note states that a bank using a new oracle enum value can make an older SDK fail to initialize its client, even if a user does not interact with that particular bank. The instruction to use SDK version 2.8.0 or later was published ahead of September 4’s migration start, three weeks before Switchboard’s support deadline.

FAQ When did Switchboard say support would end? The shutdown announcement was made on September 19, 2026, and identified September 25 as the end of existing technical support. The notice deprecated implementations immediately.

Did all Switchboard oracle feeds stop on September 25? The support deadline alone does not establish that every onchain account stopped updating. Current transaction and feed timestamps are needed to make that claim.

Does Jito still use Switchboard? Jito’s Tip Router documentation still names Switchboard in vault pricing, but its overview is marked as last updated nine months earlier. The pages do not prove the live September 25 configuration.

Did marginfi migrate off Switchboard? Marginfi’s September upgrade documents nine new oracle setups that do not depend on Switchboard and says banks began moving from September 4. It does not state that every bank completed a migration.

Why can an oracle migration break an SDK? Marginfi says older SDKs do not recognize the enum values used by its nine new setups. A bank configured with one can make an old client’s initialization fail; version 2.8.0 or later supports the variants.

Is Kamino Scope independent of every external oracle? Scope aggregates values from other oracle accounts. Its presence in a consumer’s configuration does not identify every upstream source without examining the specific entry mapping.

How can users check whether a market is affected? The market’s configured oracle account, latest update and fallback settings provide a stronger answer than a historical provider list. Protocol announcements can confirm whether a specific market has migrated.

Have losses been verified from this shutdown? No losses at a named protocol were verified for this feature. An earlier incident at another protocol cannot prove one occurred here. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of September 25, 2026.

15h05 ▪ 4 min read ▪ by Fenelon L.

Summarize this article with:

Real world assets tokenized (RWA) on Solana have just reached a new high. Their value rose to 4.6 billion dollars on September 23, according to RWA.xyz data. At the same time, the number of wallets holding these assets nearly doubled in one month.

In Brief RWAs on Solana reach 4.6 billion dollars, an increase of 11.47% in thirty days. 685,850 wallets now hold at least one tokenized asset on the network. SOL rose 16.3% over seven days, to 116.79 dollars on September 24. A record to be nuanced The figure of 4.6 billion dollars deserves some clarification. RWA.xyz distinguishes 4.49 billion dollars of assets actually distributed on-chain and a total of 4.6 billion when “represented” securities are added. This second category corresponds to assets whose value is declared by their issuer, but which do not necessarily circulate on the blockchain.

This distinction does not cast doubt on Solana’s progress. Over thirty days, the total value of RWAs increased by 11.47%. More importantly, the number of wallets involved now reaches 685,850, almost twice as many as a month ago, as reported by U.Today based on RWA.xyz data.

Cointribune had already tracked Solana’s RWA flows at the start of the month, as the network was gaining ground in new issuances.

Stablecoins remain at the heart of the ecosystem Behind these billions, we do not find only bonds or tokenized funds. The main players present on Solana are especially infrastructures related to stablecoins.

According to RWA.xyz, Circle leads with 7.5 billion dollars declared, ahead of Tether at 3.8 billion and BitGo at 1.6 billion. These amounts do not directly correspond to the 4.6 billion of RWAs, as they cover a broader scope including stablecoins.

A check performed on September 24 on DefiLlama also shows the importance of the digital dollar on Solana. Nearly 16 billion dollars of stablecoins circulate on the network, compared to about 543 million dollars for RWA protocols identified outside stablecoins, notably OnRe, Huma, and Ondo.

SOL advances, but the link with RWAs remains to be demonstrated SOL also experienced a strong rebound in recent days. The token traded at 116.79 dollars on September 24, up 16.3% over seven days, after falling below 99 dollars on September 17.

However, it would be premature to directly attribute this rebound to the new RWA record.

The regulatory context is evolving nevertheless. The US SEC opened in September a five-year experimental framework for tokenized US stocks. For its part, the ECB entered the tokenized bonds market on September 22.

Solana is therefore progressing on the tokenization field, but Ethereum remains ahead in tokenized asset value. The next step will be to see if the current growth really comes from new financial products or if stablecoins continue to represent the majority.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Table of contents

Quick Take 1. The Altcoin Season Index reads 56 out of 100, its highest in months, after climbing from 48 on September 19, but the threshold for a declared altcoin season is 75.

2. Today’s tape fits the pattern: XRP gained 6.59% to $1.5540 and Solana 4.42% to $118.20 against Bitcoin’s 1.58% at $84,558.90.

3. The market flipped out of Bitcoin Season into Neutral on September 2, according to Blockchaincenter’s tracking, and has stayed there for three weeks without reaching altseason.

Altcoin season is the most searched question in crypto right now, and the index built to answer it says no, not yet. The Altcoin Season Index sits at 56 out of 100, well above where it spent the summer and well below the level that would settle the argument.

Total crypto market capitalization stands at $2.89 trillion on $96.34 billion of daily volume. Live data via CoinMarketCap.

What is the Altcoin Season Index? The Altcoin Season Index measures how many of the top 100 cryptocurrencies have outperformed Bitcoin over the previous 90 days, expressed as a score from 0 to 100.

If 75% of those coins beat Bitcoin across that window, the market is in Altcoin Season. If 25% or fewer do, it is Bitcoin Season. Everything between is neutral. Stablecoins such as Tether and asset-backed tokens like wrapped Bitcoin and staked Ether are excluded, because their prices track something else by design.

Methodologies differ slightly between providers. CoinMarketCap uses the top 100; Blockchaincenter uses the top 50 with the same 75 and 25 thresholds. That means the two can print different numbers on the same day, which is worth knowing before quoting either as definitive.

Is it altcoin season right now? No. At 56 the index is in neutral territory, roughly 19 points below the threshold.

The direction is what has changed. The index climbed to 48 on September 19, described then as its highest level in months, and has continued to 56 since. Blockchaincenter’s record shows the last flip occurred on September 2, when the market moved from Bitcoin Season into Neutral, and it has held there for three weeks.

Neutral for three weeks after months of Bitcoin dominance is a meaningful shift. It is not altseason, and the distinction matters because the two produce very different outcomes for anyone positioning around them.

What does today’s market look like underneath? Broad participation with altcoins leading, which is consistent with a rising index.

XRP rose 6.59% to $1.5540 and Solana 4.42% to $118.20, both multiples of Bitcoin’s 1.58%. Ethereum added 2.35% to $2,703.80 and BNB 1.33% to $776.44. The CoinMarketCap 20 Index gained 2.16% to $177.97.

The recent weekly performance tells the story more clearly than a single day. NEAR Protocol has gained roughly 92% in a week, while Arbitrum, Uniswap, Ethena and Zcash have all posted gains above 40% over comparable periods. Bitcoin has spent the same stretch in a relatively narrow range.

This site maintains its own daily breadth record, counting advancing against declining assets, which provides a shorter-term view than the index’s 90-day window:

DateAdvancingDecliningAugust 251684August 26793September 101288September 152771September 178910September 226138 Breadth collapsed through late August and early September, then reversed sharply on September 17 and has stayed broad since. The Altcoin Season Index, working on a 90-day lookback, is still catching up to that change.

Why does the 90-day window matter? Because the index is deliberately slow, and that is a feature rather than a flaw.

A 90-day measurement will not register a two-week rotation. It requires sustained outperformance, which filters out the brief altcoin bounces that occur inside every Bitcoin-led market. The cost is lag: by the time the index confirms altseason, a substantial part of the move has usually happened.

The boundary worth stating: an index at 56 tells you what the last 90 days looked like relative to Bitcoin. It says nothing about the next 90. Traders using it as a forward signal are reading a rear-view mirror.

What would confirm altcoin season? Sustained outperformance by 75% of the top 100 over a rolling 90-day window, which needs Bitcoin to stall while altcoins keep rising.

That combination is not currently present. Bitcoin gained roughly 12% over the past week and reclaimed the $82,225 average cost basis of US spot ETF holders. An asset that is itself rallying makes the outperformance bar harder to clear, which is why the index can rise slowly even during a strong altcoin week.

Bitcoin dominance is the companion metric to watch, tracked live on CoinMarketCap. It has drifted from 59.25% in late August toward the high 58% range, consistent with rotation but not with a decisive break.

Bottom line The Altcoin Season Index reads 56 out of 100, its highest in months and up from 48 on September 19, but altcoin season requires 75 and the market has been in neutral since September 2.

Altcoins are outperforming and the index is rising, which is the honest version of where things stand. Declaring altseason at 56 misstates a measure designed to be slow on purpose. Watch the index cross 75, or watch Bitcoin dominance break down, and until one of those happens this is a rotation rather than a season.

This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.

In brief Bitcoin fell about 0.9% to roughly $83,600 on Friday, retracing part of a rally that pushed it to an intraday high near $87,000, Technical indicators on the charts still read bullish, though the Fed's next move could reshape the outlook. Meanwhile, XRP (+15.45% over seven days) and Solana (+9.33% over seven days) are outperforming the broader crypto market. Bitcoin slipped to around $83,600 on Friday, a pullback of roughly 1% from the prior close, as the week's rally took a breather. The dip follows an intraday high near $87,000—territory Bitcoin hadn't touched in months—after it broke out of the $75,000 to $81,000 range that had capped it for weeks.

The move isn't spooking chart-watching traders, though. Bitcoin's daily setup still reads bullish with the 50-day moving average sitting above the 200-day in a pattern known as a golden cross.

Myriad: How high will Bitcoin go? Click to make your prediction.Some of Friday's softness has a mechanical explanation. $15.6 billion in Bitcoin options expired on Deribit, and dealers often unwind hedges once that flow clears—a routine event that can jolt prices without breaking the underlying trend.

That would help explain why open interest and 24-hour trading volume both fell sharply, down 14.39% and 13.68% respectively. The liquidations came in fairly balanced too: $161.96 million in long positions against $156.1 million in shorts in the last 24 hours, a pattern that looks more like leverage getting reset than a one-sided flush.

Macro tailwinds are still doing some of the work. The Federal Reserve raised rates 25 basis points to a range of 3.75% to 4% on September 16, its first hike since 2023, but kept buying short-term Treasury bills to keep bank reserves flush—a combination that blunted the hawkish optics and kept risk assets bid.

Myriad: What will the Fed do next? Click to make your prediction.But that relief didn't last. Federal Reserve Chair Kevin Warsh's post-meeting dot plot projected a median rate of just 4.1% through the end of 2027, signaling only one more hike was likely. Fed Governor Michael Barr said on September 23 that "further policy adjustments are likely needed," a comment that landed alongside a report showing core PCE inflation at 3.4%, near a four-year high.

Odds of an October hike have since climbed to roughly 75% on the CME's FedWatch tool and 68.5% on Myriad Markets, a sharp reversal from where they sat right after the September meeting.

Meanwhile, spot Bitcoin ETFs pulled in another $299.09 million on friday, a smaller number than the single-day hauls recorded earlier in the week—a sign the initial burst of buying is cooling rather than accelerating.

Total crypto market cap sits at $2.87 trillion, down from the $3 trillion-plus level reached earlier this week. The Fear and Greed Index has eased to 72 from a peak of 79, still solidly in “greed” territory, just less euphoric.

Most of the top 10 cryptocurrencies are following Bitcoin lower over the past 24 hours. Ethereum is roughly flat, BNB is down 0.81%, and Tron and Hyperliquid are both in the red. XRP and Solana are the exceptions.

XRP is up 4.37% over the past day and 15.45% over the week, trading near $1.58, at a $99 billion market cap. XRP ETFs notched a nine-day inflow streak worth $1.6 billion in late August, and inflows have continued since as institutional interest appears to build for the token.

Solana is up 3.36% on the day and 9.33% over seven days, changing hands at around $119.84 and a $70 billion market cap.

The network's Alpenglow upgrade, which cuts transaction finality to roughly 150 milliseconds, already cleared a validator governance vote with overwhelming support, though its mainnet activation date remains tentative. Meanwhile, spot Solana ETFs from Fidelity, Grayscale, and VanEck—which launched back in November 2025—continue to see inflows as the upgrade narrative builds.

The next test for Bitcoin arrives fast. September's Personal Consumption Expenditures inflation data lands September 30, followed by the September jobs report on October 2, both capable of resetting rate expectations heading into the fourth quarter.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Solana treasury companies are showing signs of recovery as $SOL returns above $120, potentially reopening a key part of the corporate treasury strategy: raising capital at a premium to acquire more $SOL.

$SOL surged to $122 early Friday, its highest level in 8 months, and is trading above $120 at press time. The asset has gained over 14% over the past week.

That recovery has also lifted the valuations of several Solana-focused treasury companies.

DATs Survive Their Toughest Stretch Digital asset treasuries (DATs) have also managed to move through one of the most difficult periods for the strategy. When $SOL and other crypto assets weakened, critics increasingly questioned whether companies could justify trading at premiums to the value of the assets they held. As mNAVs compressed, the argument that DATs represented an attractive way to gain exposure to digital assets came under pressure.

For a period, the market narrative seemed to suggest that the DAT experiment had run its course. But the recent recovery in crypto markets has started to change that picture. As asset prices turned higher, DAT share prices and mNAVs began to recover, giving treasury companies more room to execute the strategies that initially attracted investors.

mNAV Premiums are Returning Outstanding mNAV measures a public treasury company's market capitalization against the net market value of its $SOL holdings. An mNAV above 1.0 means the market values the company's equity above the spot value of its $SOL treasury. An mNAV at 1.0 represents parity, while a reading below 1.0 means the company trades below the value of its $SOL holdings. The distinction matters because treasury companies can use premium valuations to raise additional capital and deploy the proceeds into $SOL.

Blockworks data shows fully diluted mNAV at approximately 1.63× for SOL Strategies, 1.52× for Solana Company, 1.01× for DeFi Development Corp., 0.82× for Forward Industries, and 0.40× for Upexi. Solana treasury companies now collectively hold over 2.95% of $SOL's total supply.

The Capital-Raising Flywheel A sustained mNAV premium can create a feedback loop for treasury companies. When a company trades above the value of its $SOL holdings, it can issue shares or other securities at a premium and use the proceeds to purchase more $SOL. If the company increases its $SOL holdings faster than it increases its share count, its $SOL-per-share can rise.

Solana treasury companies have already demonstrated willingness to raise fresh capital to acquire $SOL at current prices.

Yesterday, Forward Industries closed a registered direct offering that sold 3.125 million shares at $8 each, generating approximately $25 million in gross proceeds. The company said it plans to use the net proceeds primarily to acquire additional $SOL.

Forward has also added 357,000 $SOL at an average cost of $78.26 since August 4, bringing its holdings to 8.16 million $SOL.

DeFi Development Corp. has expanded its treasury to approximately 2.49 million $SOL. The company added about 101,381 $SOL last week, representing approximately 4.24% treasury growth.

DFDV also established a $300 million ATM facility for its CHAD preferred shares, with proceeds intended primarily for additional $SOL purchases.

More Companies Could Follow The improving mNAV environment could give other Solana treasury companies more flexibility to raise capital if their valuations remain above or around the value of their underlying $SOL.

However, mNAV does not guarantee that new capital raises will benefit existing shareholders. Companies must consider share dilution, financing costs, debt or preferred-stock obligations, and the price at which they acquire $SOL.

Solana treasury companies also have another potential source of returns that Bitcoin-focused treasury companies do not: native staking rewards. $SOL holdings can generate staking income, creating another component of the treasury strategy.

Research from Ark Invest highlighted this broader trend in 2025, noting that hundreds of digital asset treasury companies had emerged across assets including Bitcoin, Ethereum and Solana. The firm acknowledged that some DATs may have emerged for short-term opportunistic reasons, but argued that the eventual winners could become more efficient wrappers for some digital assets than spot ETFs. By exploiting their corporate structures, DATs can deploy leverage, corporate financing and strategic optionality that ETFs cannot. However, these advantages will remain relevant only as long as their mNAV premiums prove sustainable.

For Solana, the recent recovery puts that thesis back into focus. If Solana’s price action remains favorable and treasury companies maintain stronger mNAV levels, the market could see more capital raises, followed by more $SOL purchases.

Read More on SolanaFloor Centrifuge Brings $HYB to Solana as RWA Ecosystem Tops $4.4B
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Robinhood Chain ranks second with 1.3 million holders, ahead of Solana’s 997,000, in Token Terminal’s latest update. The metric measures token balances, not distinct investors.

Robinhood Chain ranks second with 1.3 million holders, ahead of Solana’s 997,000, in Token Terminal’s latest update. The metric measures token balances, not distinct investors.

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Casper, Wyoming, USA. 25/09/2026: Moonclave, a Solana-based on-chain prediction market protocol, today announced it has surpassed 12,000 members in its loyalty and rewards program, distributing a $10,000 prize pool and over 76 million experience points (EXP) to early participants. Alongside this growth, the Moonclave team confirmed it is actively working to secure a listing on a new cryptocurrency exchange, with details to be announced in the coming weeks.

The milestone follows a recent community reactivation campaign that generated more than 427,000 impressions and added 4,400 new followers, while the project’s Discord community grew from approximately 4,000 to over 10,000 members.

Moonclave enables users to trade predictions on crypto, macroeconomic, on-chain, and real-world events, with outcomes settled directly on-chain.

The platform is live now at predictions.moonclave.fun, alongside a token, $MCV, that anchors the protocol’s rewards and community systems.

A Loyalty System Built Around Participation At the center of Moonclave’s growth is its card-based loyalty program, accessible through the project’s rewards hub. Members earn EXP through trading activity, content creation, referrals, and community engagement across X and Discord.

As members accumulate EXP, their Moonclave Card progresses through five tiers, New Moon, Waxing Crescent, First Quarter, Waxing Gibbous, and Full Moon, with higher tiers unlocking earlier access to new features and beta releases.

“We built Moonclave around the idea that conviction outlasts noise. Crossing 12,000 members and paying out our first prize pool is proof that people are willing to show up consistently. Expanding where $MCV is accessible is the natural next step, and we’re working to get that right rather than rushing it,” said Reil Sokolaj, Founder & CEO of Moonclave.

Product Focus Over Price Speculation Rather than positioning itself around short-term price action, Moonclave has emphasized its core product, an on-chain prediction market mechanic, as the primary draw for new users. The team describes its approach as deliberately unhurried, favoring sustained engagement over hype-driven spikes, a philosophy reflected in the project’s own messaging: the platform rewards patience and conviction rather than short-term speculation.

The project’s community is organized into five functional groups, HIVE (community and diplomacy), FORGE (technology and engineering), SCOUT (research and exploration), OATH (operations and logistics), and LABS (science and research), each contributing to different aspects of the protocol’s development and growth.

What’s Next With its loyalty program scaling and community engagement climbing, Moonclave’s near-term roadmap includes expanding exchange access for $MCV alongside continued development of its prediction market product.

The team has not yet disclosed which exchange it is in discussions with, saying further details will be shared once confirmed.

Getting Started New users can begin engaging with Moonclave by making their first prediction on the live app or joining the loyalty program to start earning EXP from day one, with no minimum token holding required to take part.

For those who want to stay current as the exchange listing and other updates develop, Moonclave’s X account (@themoonclave) remains the primary channel for announcements.

About Moonclave Moonclave is an on-chain prediction market protocol built on Solana, enabling users to trade predictions on crypto, macroeconomic, and real-world events with on-chain settlement. The project is supported by an active community structure and a tiered loyalty program rewarding participation and engagement.

For more information, visit moonclave.fun or join the community on Discord and X.

Media Contact:
Reil Sokolaj, Founder & CEO of Moonclave.
[email protected]

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

Key Highlights SOL currently trading around $116 following a surge from approximately $75 in August. Former resistance zone at $95-$100 now functioning as key support level. Technical indicators show RSI at 64.14 with bullish MACD configuration indicating sustained momentum. Network testing Alpenglow upgrade targeting finality reduction to approximately 150 milliseconds. Foundation expands leadership team while real-world assets exceed $4.5 billion milestone. As of September 25, Solana (SOL) is changing hands at approximately $116.27. The cryptocurrency reached an intraday peak of $118.45 earlier in the trading session.

Solana (SOL) Price Since bottoming near $75 in August, SOL has maintained a consistent upward trajectory. The daily price chart reveals a series of progressively higher lows forming from that base.

An upward-sloping trend line has provided support for this September rally. That technical support line currently intersects around the $100-$105 price region.

This month, SOL successfully breached a resistance corridor spanning $95 to $100. This price band had previously rejected multiple rally attempts during 2026’s first half.

Market Focus Shifts to $120 Threshold Market participants are now closely monitoring the $118-$120 price region. SOL has approached this zone multiple times without securing a daily close above it.

Source: TradingView A decisive move above $120 would mark SOL’s strongest position since this year’s earlier decline. Beyond that threshold, the next obstacle lies within the December and January price ranges.

The daily Relative Strength Index currently reads 64.14. This places it above the neutral 50 threshold while remaining below the 70 level typically associated with overbought conditions.

The MACD indicator continues displaying bullish signals. The MACD line stands at 5.53, positioned above its signal line at 4.72, generating a histogram reading of 0.81.

Market analyst Crypto Patel provided a macro perspective on Solana’s chart formation. Patel identifies a supply region spanning $138 to $149 on higher timeframes, highlighting $148.73 as a critical threshold that could validate a structural market shift. Patel sketched two potential scenarios: a decisive close above $150 might pave the way toward $250, followed by $500, and ultimately the $700-$1000 territory, whereas a rejection within the $139-$150 band could trigger a retreat toward $95, $74, or the $60.14 bottom.

Solana SMC Analysis: Break Above $148.73 Could Confirm a Major CHoCH

On the HTF chart, $SOL is approaching a critical HTF supply zone at $138–$149, where a major Bearish Order Block remains unfilled.

The broader structure is still defined by a Lower High, but the recent… pic.twitter.com/TZnL08kmwA

— Crypto Patel (@CryptoPatel) September 24, 2026

Should SOL retrace from present levels, the ascending trend line represents the initial support layer. The broader $95-$100 region maintains significance as the primary support floor given its historical role as resistance.

Technical Advancements and Corporate Developments Solana’s Alpenglow consensus mechanism upgrade has commenced public testnet evaluation. The enhancement aims to reduce transaction finality from approximately 12.8 seconds to around 150 milliseconds.

Alpenglow will supersede the existing TowerBFT framework with an innovative mechanism called Votor. Validators would achieve block finalization following one or two voting cycles, although mainnet deployment timing remains unannounced.

The Solana Foundation appointed Rachel Conlan, formerly of Binance, as chief strategy officer. Additionally, Jamal Raees, previously with Polygon Labs, joined as general manager of payments.

These appointments underscore the foundation’s commitment to institutional collaboration and payment infrastructure expansion. According to foundation data, Solana has facilitated over $5 trillion in stablecoin transaction volume year-to-date.

The value of real-world assets deployed on Solana has surpassed $4.5 billion. Tokenized equity supply across the network has exceeded $620 million.

A notable event scheduled for September 25 involves the discontinuation of Switchboard’s oracle infrastructure. Multiple protocols including Kamino, Jito, MarginFi, and Drift have relied on these services and are currently managing migration strategies.

Key Takeaways

Solana DEXs recorded about 208 million spot trades in the week ending Sept. 13, compared with roughly 190 million on the NYSE. Solana trailed Nasdaq by about 47 million trades, its smallest reported gap. Jupiter processed more than 80 million trades month to date, but trade counts alone do not show how much money changed hands. Top Picks for Solana

The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.

Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

$ZAMA is now live on Solana via Sunrise, so Solana users can trade it across the ecosystem, with liquidity wherever they already trade.

Today, we're expanding access to $ZAMA on Solana. Next, we want to bring FHE-powered confidentiality to Solana itself.

Welcome, SolanaSolana made onchain finance fast. Transactions settle in under a second, fees are fractions of a cent, and onchain markets now run at a scale that looked impossible a few years ago.

But like every other major blockchain, Solana is public. Every balance, every swap and every wallet's full history can be read by anyone, forever. On a chain this fast and this active, that openness has real costs:

Your strategy is public. A trade can be seen, copied or front-run the moment it is sent.Your wallet is your identity. Once someone links an address to you, they can see your holdings and your history.Institutions stay away. Payroll, treasury management and B2B payments can't move onchain if competitors can read every transaction.Transparency is what lets anyone verify a blockchain. But verifying transactions shouldn't require exposing everyone's financial information.

Zama's answer: Fully Homomorphic EncryptionZama, the fastest growing confidentiality protocol for onchain finance, builds confidentiality infrastructure for blockchains using Fully Homomorphic Encryption (FHE). FHE is a type of cryptography that lets computers process data while it stays encrypted.

In practice, this means a smart contract can check that you have enough balance, execute a transfer and update an app's state without ever seeing the actual numbers. Only you, and whoever you choose to share with, can decrypt your data. The chain stays verifiable and composable, and your information stays confidential.

FHE was first proposed in 1978 and remained theoretical for more than 30 years. Craig Gentry published the first working construction in 2009, but it was far too slow to be useful. Zama was founded in 2020 by Rand Hindi and Pascal Paillier, one of the pioneers of FHE research, to make it practical. Today, Zama has one of the largest teams of FHE cryptographers in the world, and became the first FHE unicorn after its $57M Series B in 2025.

The HTTPS moment for blockchainsIn the early days of the internet, most traffic was sent in plaintext. HTTPS changed that. Encryption became the default, and most people never had to think about it again.

The Zama Protocol aims to do the same for blockchains: confidentiality by default, built into the infrastructure, without users or developers having to change how they work.

Why Solana, and why nowToday's listing brings $ZAMA natively to the Solana community. It also signals where we're heading.

The Zama Protocol launched on Ethereum, and Solana has long been part of our roadmap. Bringing FHE-based confidentiality to Solana means that, in the future, Solana developers could build:

Confidential tokens and payments: balances and transfer amounts that stay encrypted onchainConfidential trading: order flow that others can't front-run or copyConfidential DeFi: lending, treasury and payroll apps that institutions can actually useOnchain compliance: rules enforced without exposing user dataSolana brought speed to onchain finance. Zama wants to add confidentiality. And we're just getting started.

What is $ZAMA?$ZAMA is the native utility token of the Zama Protocol:

Staking: Network operators stake $ZAMA to secure the protocol and earn rewards.Fees: Protocol fees, such as those for decrypting data or verifying encrypted inputs, are paid in $ZAMA.Through Sunrise, $ZAMA is available on Solana as a single canonical token that can be traded natively across the ecosystem.

Official $ZAMA address on Solana: 4Zp52aF4hZi9fzH19xpbWKYKQvgLyCN67KFbrQDqeTKh

Learn moreHow to buy $ZAMARead the LitepaperFollow Zama on XContact the team

Solana price rebounded to about $116 on Sep. 24 after falling from a recent high near $120. The recovery put SOL back above a key 4-hour trend indicator, but the daily chart shows price approaching resistance where the latest rally stalled.

Summary

Solana price traded near $116 after falling as low as $112.52 during the daily session. The 4-hour Supertrend remained bullish at $112.38, while RSI eased to 55.58. The daily Bollinger Band placed nearby resistance at $119.90. CoinGlass’s 3-day heatmap showed a dense liquidation cluster around $120. Solana price recovers from $112.52 low Solana daily chart showed SOL price at $116.05 on Sep. 24, up 0.92% from its daily open of $114.99. Price had reached $116.63 after touching $112.52 earlier in the session. The move followed a retreat from the roughly $120 high reached during the preceding rally.

The latest decline interrupted a sharp advance from below $100 in mid-September. SOL remains above the daily Bollinger Band midpoint at $106.19, though it has pulled back from the upper band at $119.90. The space between price and the midpoint shows how far the recent rally carried SOL; it does not establish whether the next move will be a deeper correction or another test of $120.

Solana price daily chart — Sep. 24 | Source: crypto.news The daily Aroon readings were 78.57% and 35.71% on the TradingView chart, reflecting a strong recent upside move alongside the pullback. Buyers would need to clear the recent high to extend that move. A further retreat would bring the $110 area into view before the Bollinger midpoint near $106.

The price dip came after the rally met resistance near $120, but the charts alone cannot establish how much of the selling came from profit-taking or forced closures of leveraged positions. The distinction matters because a liquidation heatmap maps estimated positions at risk; it does not measure how much was actually liquidated.

The 4-hour chart keeps $112.38 in focus On TradingView’s 4-hour chart, SOL recovered to $116.07 after briefly trading near $113. The Supertrend line stood at $112.38 beneath price, leaving the short-term signal bullish despite the drop from $120. A sustained move below that line would weaken the current 4-hour setup.

Solana price 4-hour chart — Sep. 24 | Source: crypto.news The 4-hour relative strength index stood at 55.58, below its moving average of 60.39. RSI had eased from its recent highs, indicating that upside momentum cooled during the pullback even as the indicator stayed above the neutral 50 mark.

A return toward $119.90–$120 would test both the daily upper Bollinger Band and the area where sellers halted the latest advance. If SOL fails to hold $112.38, traders may look next to $110, a level identified by market analyst AltCryptoGems as important to the bullish structure. The analyst warned that a break below it could expose a gap toward $96; that is a scenario, not a confirmed price target.

Crypto Patel offered a wider view of the trend, placing a higher-timeframe resistance zone at $138–$149 and a structural level at $148.73. Those levels remain well above the immediate $120 test and would become more relevant only if SOL first extends its current recovery.

Solana SMC Analysis: Break Above $148.73 Could Confirm a Major CHoCH

On the HTF chart, $SOL is approaching a critical HTF supply zone at $138–$149, where a major Bearish Order Block remains unfilled.

The broader structure is still defined by a Lower High, but the recent… pic.twitter.com/TZnL08kmwA

— Crypto Patel (@CryptoPatel) September 24, 2026 CoinGlass heatmap places the largest nearby cluster at $120 CoinGlass’s three-day SOL liquidation heatmap showed a bright band of estimated leveraged positions around $120, above the roughly $116 price shown at the chart’s right edge. Smaller bands appeared around $117–$118, while estimated positions also clustered below price near $112–$113.

Solana liquidation heatmap | Source: CoinGlass A move into any of those bands could trigger position closures, but the heatmap cannot show that price will reach them. The recent slide through $114 and rebound toward $116 demonstrate why both sides of the market remain exposed to quick moves around nearby levels.

The heatmap also shows SOL trading near $119 on Sep. 22 and 23 before falling toward $112–$113 on Sep. 24. Price then recovered by the end of the displayed period. The separate daily chart was captured later and put SOL near $116, so its session gain should not be confused with the decline from the earlier $120 high.

US policy remains a backdrop, not a confirmed cause The US Senate failed to advance the Digital Asset Market Clarity Act on Sep. 15 in a 49–50 procedural vote. The bill would have set a statutory framework for oversight of digital assets. Its failure remains relevant to US crypto investors, although the vote occurred more than a week before SOL’s latest retreat and does not by itself explain the Sep. 24 move.

The Federal Reserve raised its target interest-rate range by a quarter point to 3.75%–4% on Sep. 16. The decision is another part of the US market backdrop, but the available price and liquidation charts do not establish a direct link between that decision and Thursday’s Solana pullback.

For now, the nearer signals are on the charts: SOL held the $112 area after its intraday drop, while $119.90–$120 remains the first resistance to clear. A break on either side would give traders a clearer test of whether the rebound can continue.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Following the bull run in 2025, Bitcoin and altcoins experienced significant declines. This led both individual and institutional investors to reduce their portfolios.

The latest data reveals the differences between Bitcoin and altcoins.

Notable Change in Banks’ Crypto Portfolios! Recent data released by the Basel Committee on Banking Supervision (BCBS) reveals a significant shift in the cryptocurrency portfolios of banks in the Americas.

According to Ledger Insights, citing BCBS data, Bitcoin’s (BTC) share of cryptocurrency exposure among US banks has decreased from 75.8% to 44.2%.

At this point, BTC has lost a significant portion of its weighting within the cryptocurrency risk portfolios of banks in the United States.

Ethereum’s Share Rises, XRP and Solana Listed! In response to the decline in Bitcoin, Ethereum’s share has seen a significant increase. Ethereum’s share of banks’ cryptocurrency risk in the Americas has risen to 38.5%.

Solana and XRP were also among the other notable crypto assets in the portfolio. SOL’s share was recorded at 7.8%, while XRP’s share was 5.6%.

Another noteworthy aspect of the data is that there was no significant change in the total crypto asset risk of banks. Therefore, the figures do not directly show how much Bitcoin banks sold or how much altcoin they bought during the period in question. However, the change in the banks’ portfolio allocation reveals that the weight of Bitcoin decreased, while the share of ETH, SOL, and XRP increased significantly.

Customer Activity Also Increased in America! According to BCBS data, there has also been a significant shift in cryptocurrency transactions conducted by banks on behalf of their clients. In the Americas, the volume of cryptocurrency transactions carried out by banks on behalf of their clients increased by 93% compared to the previous period, reaching €6.4 billion. In Europe, however, similar client transactions decreased by 25%, falling to €1.9 billion.

*This is not investment advice.

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

On Deribit, the dominant venue for crypto options trading, roughly 65% of all open interest in Solana options is concentrated in contracts expiring on September 25. The key strikes drawing that attention are $90, $105, and $125, a spread that brackets SOL’s recent spot price range of $115 to $118.

The September 25 expiry is already a monster date for crypto options The same September 25 date carries an estimated $15.9B in Bitcoin options open interest and $2.1B in Ethereum options, making it one of the largest quarterly settlement windows on the calendar.

The platform launched SOL options in 2024 as part of a broader push to diversify its altcoin offerings beyond the two dominant assets, but trading activity in those contracts has remained modest relative to its headline products.

What the strikes tell us about market positioning The $125 strike sits above current spot prices, making it an out-of-the-money call target. The $105 strike is closer to at-the-money from a recent-price perspective, while the $90 strike represents deeper downside protection territory.

The call-heavy nature of the broader September 25 settlement for BTC and ETH is worth factoring in here.

Thin liquidity is the central risk for SOL options traders Deribit supports daily, weekly, monthly, and quarterly expiry types for SOL options under its contract structure, giving traders flexibility in how they express a view.

SOL’s futures and perpetual swap markets on venues like Binance and Bybit carry significantly more daily volume than its options market on Deribit, which means price discovery for SOL is largely happening elsewhere.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Travelers will now be able to use Solana-based digital dollars to book flights across more than 300 airlines, according to a recent announcement. 

Nomadz, a crypto-focused travel booking platform, has expanded beyond accommodation and launched flight bookings. 

According to the announcement, the platform now provides access to more than 300 airlines alongside over 1 million stays.

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Nomadz is sweetening the launch with zero fees on flights for the first 30 days alongside some other perks. 

How this worksNomadz acts as the crypto-friendly booking layer between the traveler and the travel industry. Users search for a conventional airline ticket through the platform and pay Nomadz using stablecoins. The resulting reservation is still an ordinary airline booking, so hundreds of airlines are not suddenly accepting crypto. 

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Nomadz has already been using this model for hotels. The Solana-native travel aggregator has primarily used USDC for settlement and Solana Pay as its payment infrastructure. It also maintains an on-chain travel identity system. 

A similar integration In fact, another remarkably similar integration went live just nine days ago.

On Sept. 15, Cryptorefills launched its application in the Solana dApp Store for Solana Mobile's Seeker and Saga devices. The company allows users to pay with SOL or USDC for flights across 300 airlines and for more than 1 million hotels and short-term stays.

Payments settle over Solana in seconds at negligible network cost, which makes the network an attractive option for such a use case. 

Emirates takes the more direct routeThere has also been movement at the airline level. Emirates launched Crypto.com Pay for flight bookings in July. Emirates itself has added the payment option to its checkout, which is dramatically different from the aforementioned integrations. 

Onchain infrastructure platform Centrifuge has launched the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio ($HYB) on Solana. The strategy invests in actively managed U.S. high-yield corporate bonds, with New York Life Investment Management (NYLIM) managing the portfolio.

NYLIM manages approximately $838 billion in assets, making it one of the world’s top 30 asset managers. The launch gives eligible investors access to NYLIM’s institutional high-yield strategy through Centrifuge’s tokenized fund infrastructure.

Centrifuge and NYLIM originally debuted $HYB on June 30, marking NYLIM’s first tokenized offering and one of the early high-yield bond products available onchain. The underlying portfolio, investment process, and risk management remain under NYLIM’s existing framework. Investors subscribe and redeem through $USDC.

Expanding Onchain Fixed Income as RWA Market Hits ATH The launch adds another layer to Solana’s growing tokenized fixed-income market. Onchain fixed income has historically focused heavily on cash management and short-duration products. $HYB expands that range into actively managed U.S. high-yield corporate bonds, introducing a different combination of duration, credit risk, and potential returns.

That shift comes as Solana’s real-world asset market continues to expand. The ecosystem grew from roughly $1.5 billion at the beginning of 2026 to more than $4.4 billion currently.

Last week, Solana’s RWA ecosystem reached a new all-time high above $4.40 billion in total value. 

Solana also remains the leading blockchain by RWA net inflows, attracting more than $300 million over the past 30 days.

$HYB Carries an ‘A’ Rating In August, credit rating and risk assessment platform Particula assigned $HYB an ‘A’ rating. Particula’s scale runs from ‘AAA’ to ‘D’. An ‘A’ rating indicates strong overall reliability, sound legal and technical architecture, and reputable institutional backing.

The rating applies to the tokenized investment product, not the underlying risk profile of high-yield bonds. However, high-yield corporate bonds carry greater credit risk than government securities such as U.S. Treasuries.

Particula’s assessment therefore reflects factors including the token mechanics, smart contracts, regulatory framework, and institutional asset management structure supporting $HYB.

For Solana, $HYB adds institutional high-yield credit to an RWA ecosystem that has rapidly expanded in both asset value and holder count.

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