Solana Stablecoins Break Through $170 Billion......Capital Inflows Continue to Expand During Price Adjustments

The inflow of funds into the Solana network has once again hit a new record. Data from blockchain analytics firm Artemis shows that the supply of stablecoins based on Solana has surpassed $170 billion, reaching a historic high. This indicates a significant increase in idle funds used for DeFi, trading, derivatives, and more, demonstrating that network liquidity is rapidly expanding.

Recently, this trend aligns with the recovery of DeFi TVL, growth in on-chain transactions, and the expansion of new token issuances. Capital inflows are spreading throughout the entire ecosystem.

The derivatives market is also expanding… “High-activity liquidity” is flowing in.

Not only are funds simply being held, but actual trading activity is also increasing. The open interest in Solana-based derivatives has recently grown from about $4.9 billion to nearly $6 billion.

This suggests investors are actively establishing positions, indicating that liquidity is transforming into substantial trading activity. The growth of stablecoins alongside the expansion of the derivatives market is interpreted as a sign that capital efficiency within the network is improving.

Price declines… Charts show a “downward low point trend.”

However, the price trend points in the opposite direction of capital inflows. According to the accompanying chart, Solana started around 13.9 million Korean won, then experienced a sharp decline, dropping to the 13.2 million won range. Although there was a rebound afterward, the price remains limited in fluctuation around 13.4 million won.

Notably, each rebound’s high point decreases, followed by further declines, repeatedly exhibiting a pattern of short-term selling pressure. The current price is about 13.4 million won, with a 24-hour decline of approximately 4%.

In the context of assets with high market capitalization generally showing weakness, Solana has also failed to escape the overall risk-averse market trend.

“Funds vs Price”… widening market divergence.

Ultimately, Solana is currently in a “liquidity increasing but price suppressed” structure. The expansion of stablecoin supply is a positive long-term signal, but in the short term, prices are more sensitive to interest rates, macro variables, and market sentiment. The expansion of the derivatives market may also amplify volatility.

The market interprets this as a phase where “funds are flowing in but the direction is still uncertain.” Bitcoin demonstrates relative stability as a store of value, while Solana, driven by liquidity and utility growth, may continue to diverge in the short term.

The key ultimately depends on whether inflowing capital can translate into price increases. Currently, the trend of “liquidity expansion → increased trading” has been confirmed, but the link to “price rise” has not yet fully formed.