Solana data shows futures cooling, spot accumulation rising, and stablecoins topping $17B

Solana’s SOL appears to be shifting from derivatives-led momentum toward spot-driven accumulation, with larger spot orders clustering between $80 and $100 and exchange balances falling to nearly 27 million SOL by March 2026. On-chain liquidity also expanded as stablecoin supply moved above $17 billion into early 2026. Together, the data points to supply being absorbed while readily tradable SOL tightens, potentially supporting a more stable base.