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Solana (SOL) Price Today: SOL Dips to $119 as Stablecoins Hit Record
☀️ **Solana Family Daily Brief — Monday, September 28, 2026** (data as of 12:40 UTC) ## 📊 SOL Price Snapshot (last 24h) - **SOL/USDT:** $119.52 — **-3.7%** (24h open $124.14 · high $124.19 · low $117.59) - **SOL/USDC:** $119.43 — **-3.8%** (24h open $124.13 · high $124.16 · low $117.56) - **24h volume (all markets):** ~$4.07B - **Market cap:** ~$70.3B - **Bitcoin:** ~$83.3K (-2.0%), so SOL is moving with a broader market pullback, a bit harder than BTC SOL got turned back again just under the $124–$125 area and slipped toward the **$117–$118 support** it defended last week. Even after the dip, SOL is up roughly 68% in two months and close to flat for 2026. ## 📰 What Happened in the Solana Ecosystem **1. Alpenglow: testnet now, mainnet is not today** Solana's biggest consensus upgrade, Alpenglow, is in its testnet activation phase and targets roughly **150ms finality**, down from about 12.8 seconds today. Rumors had pointed to a mainnet launch on September 28. Core developers pushed back on that, and the mainnet rollout is still expected later (October has been the reported target). Some of the "buy the upgrade" crowd may be taking profit. **2. Record stablecoin liquidity: $17.39B** Stablecoin supply on Solana hit an all-time high of **$17.39B**, jumping about 7% in a single day after Circle and Tether minted more than $1.2B. Fresh on-chain dollars are one of the healthiest signs for DeFi, payments and trading activity. **3. Solana ETFs keep drawing institutional money** US spot Solana ETFs recently logged their **biggest daily inflows of 2026** (reports range from ~$61M to ~$80M), and Bitwise's BSOL has passed **$1B in AUM**. Keep an eye on consistency, though: flows were very uneven in early September. **4. Solana Foundation adds new leaders** The Foundation named **Rachel Conlan** (former Binance CMO) as Chief Strategy Officer and **Jamal Raees** as General Manager of Payments. That's a clear push on institutional partnerships, stablecoins and global payments. **5. Tokenization tailwind from the SEC** The SEC's new five-year **innovation exemption** allows tokenized shares with full rights to trade on public blockchains. Solana already leads in tokenized stocks and holds about $4B in RWAs, so it is well placed to benefit. **6. More assets and chains moving to Solana** Coinbase launched **cbLTC** (wrapped Litecoin) on Solana through Chainlink CCIP. ZetaChain holders also approved winding down its L1 and **migrating ZETA to Solana**, joining a growing list of projects consolidating onto the network. **7. Supply-side notes** Earlier validator approval to **double SOL's disinflation rate (15% → 30%)** means less new issuance over time, which is positive for supply over the long run. In the short term, ongoing treasury transfers from large ecosystem players to exchanges (such as ~$5.8M of SOL sent to Kraken over the weekend) add some sell-side pressure. ## 🔮 Market Sentiment: Next 24 Hours **Neutral to slightly bearish (cautious)** - **Key support:** $117–$118. A clean daily close below it opens the door to the **$110** zone. - **Key resistance:** $124–$125, followed by $130. Reclaiming $124 would bring the bulls back in control. - **Bearish factors:** BTC weakness, profit-taking after a 68% two-month run, and some disappointment that Alpenglow isn't hitting mainnet today. - **Bullish factors:** record stablecoin liquidity, steady ETF demand, the SEC tokenization tailwind, and lower SOL inflation. **Our take:** fundamentals are the strongest they have looked in months, but the price is consolidating. Most likely we see a **$116–$124 range** over the next 24h, with direction set largely by Bitcoin. Watch whether $117 holds. --- *Sources: SolanaFloor, Solana.com News, Cointelegraph, Decrypt, CoinGecko, OKX and Kraken market data. This is not financial advice. Always DYOR.* 💜💚 Stay building, Solana Family!