Solana posted a new stablecoin liquidity record in February, with supply rising above $15.58 billion. At the same time, open interest climbed from $4.9 billion to nearly $6 billion.
Transaction volume also jumped 300% from a year earlier, showing strong on-chain activity as leverage built across the market.
Solana strengthened its place in the stablecoin market as USDC transfer volume rose 300% year-over-year. The increase pointed to sustained settlement activity on the network rather than a short-lived rotation of speculative capital.
At the same time, transaction costs remained low during the surge. Median fees stayed close to $0.00047, even as volume expanded sharply. That kept Solana competitive as activity accelerated across the network.
Solana now accounts for about 36% of global stablecoin transaction volume. That share matters as tokens already on-chain can move into risk assets without the need for outside bridging.
Derivatives activity also picked up quickly. Open interest rose 22% in a short period, moving from $4.9 billion to nearly $6 billion. That added roughly $1 billion in fresh leverage to the system.
Solana price moved higher as open interest increased, which often signals that new capital is entering with the trend. In this case, participation expanded as SOL advanced, showing that traders were adding exposure during the move.
Still, high open interest can increase market stress. If open interest moves above $6 billion while price stalls, even a 5% swing in either direction could trigger about $500 million in liquidations.
The $100 to $110 range stands as the key barrier. If SOL clears $110 with volume, the path toward $125 opens. The large stablecoin base on Solana could provide the liquidity needed to support that move.
On the other hand, rejection near $105 could set off a long squeeze. That would likely force over-leveraged positions out of the market quickly. The first major support level sits at $88.
If SOL loses $88, the broader structure weakens. Traders are also watching $105 on the daily chart. A close above that level would support the bullish squeeze case, while a drop below $92 would break that setup.
Can Solana’s record stablecoin liquidity absorb the leverage now building beneath the surface?
At this stage, Solana’s setup rests on two forces moving together. Stablecoin supply continues to expand, while open interest keeps rising.
That combination leaves the market positioned for a sharp move once SOL price breaks from its current range.
Also Read: SOL Price Prediction: Solana May Break Out as Demand Grows
Solana’s stablecoin supply reached a record $15.58 billion as open interest climbed near $6 billion and transaction volume rose 300% year-over-year. The setup points to strong on-chain liquidity, but rising leverage keeps key price levels in focus as traders watch for the next major move.