Solana’s SOL is attracting renewed attention as whale activity, institutional buying, and rising liquidity come together. Despite significant selling pressure, the token has remained relatively stable around the $120 area.
At the same time, Solana’s stablecoin supply has reached a new record above $17 billion, pointing to increased liquidity across the network. With the fourth quarter now underway, traders are watching to see whether these conditions can support another move higher.
Heavy Demand Helps SOL Absorb Selling Pressure
A large whale transfer recently put Solana back in focus. An unidentified wallet moved 500,000 SOL to Binance, worth approximately $60.5 million at the time.
A transfer of that size could normally raise concerns about increased selling. However, SOL declined only around 0.3% that day before recovering during the following session.
The limited reaction suggests buyers were willing to absorb the additional supply. Whale positioning has also become more constructive, with Bitfinex traders increasing their SOL long positions.
Institutional activity adds another layer to the demand picture. Solana ETFs reportedly accumulated about 2.32 million SOL over a two-week period, representing roughly $278 million based on market prices.
Assets under management subsequently reached approximately $2.283 billion. Continued accumulation from larger investors can provide additional support when significant amounts of SOL enter the market.
Solana’s Stablecoin Supply Crosses $17 Billion
Liquidity conditions across the wider market are also being closely watched. Global money supply has recently reached a record level of around $103.66 trillion, while major central banks have continued expanding liquidity.
#Solana: Can record $17B stablecoin supply push #SOL above $120? https://t.co/X54opb9ANo
— AMBCrypto (@CryptoAmb) September 28, 2026
Solana has seen particularly strong growth in stablecoin liquidity. Its total stablecoin supply increased by more than 5% over the past week, with more than $800 million entering the network during that period.
That growth pushed Solana’s stablecoin supply above $17 billion for the first time.
A larger stablecoin base gives users more capital to deploy across decentralized exchanges, lending markets, and other applications. It can also indicate that more liquidity is available within the ecosystem for trading and DeFi activity.
Combined with whale accumulation and institutional purchases, the increase in stablecoin liquidity gives SOL several factors to watch as the new quarter begins.
The $120 area remains an important level for traders. If SOL can establish itself above that region, market participants may look for signs of continued momentum. For now, rising network liquidity and sustained demand remain key factors shaping the market around Solana.
