Thursday, October 22, 2026 · SOLTRACER market wrap
Solana shipped its biggest consensus change since 2020 this week, but the price hasn’t caught up with the tech yet. Here’s the SOLTRACER wrap.
SOL market moves
SOL trades near $103.71, down 4.1% over 24 hours and 2.0% over the past 7 days. It is down 12.2% over 30 days and about 16.7% year to date, from roughly $124.52 on January 1. Market cap is about $61.2B, with $2.5B in 24-hour trading volume. The broader Crypto Fear & Greed Index reads 68 (Greed), so the market as a whole feels better than SOL’s chart does.
SOLTRACER Market Edge Sentiment
The SOLTRACER Algorithm’s Top 20 has an average Market Edge Score of 61.0 out of 100, which is a constructive middle reading. Infrastructure and real-world-asset names lead, while some consumer and NFT names trail. Our read is that the ecosystem’s underlying activity is holding up better than the token price. SOLTRACER Market Edge Sentiment is an opinion-based estimate, not a trading signal.
SOLTRACER Top 20 highlights
Leaders: Jupiter (73.3), Ondo on Solana (72.7), Meteora (71.1), Pyth Network (70.1) and Backpack (69.3).
Solid middle: Orca (67.4), Raydium (66.5), Pump.fun (65.7), Phantom (62.4) and Solana Mobile (62.1).
Lower scores: Helium (50.0) and Tensor (43.8) are at the bottom of today’s board.
Ondo placing second reflects the tokenization theme coming up again and again across Solana this month.
On-chain data
DeFi TVL: about $5.85B, slightly lower than the ~$5.93B of a week ago.
DEX volume: $2.27B in 24 hours (down 6.9% day over day) and $14.45B over 7 days.
Stablecoins: about $15.71B in USD-pegged supply on Solana, close to recent highs.
Throughput: about 3,180 TPS in recent RPC samples. Since Alpenglow, validator votes are no longer recorded as transactions, so this is effectively all user activity. Headline TPS on older dashboards will look lower, but that doesn’t mean demand fell.
Key news
Alpenglow is live. It activated in epoch 1064 on October 21 (around 9:36 AM ET) and replaces TowerBFT. The target finality is about 150 ms, down from roughly 12.8 seconds. Wallets, fees and apps are unchanged. This is the most important structural upgrade for payments, trading and institutional settlement on Solana. (Sources: Solana Foundation, CoinDesk)
Quantumglow. Solana Developers promoted Quantumglow, a proposed post-quantum adaptation of Alpenglow based on Anza research published in July. There is no deployment date or SIMD yet, so for now it shows long-term planning rather than a shipped feature. (Source: crypto.news, Anza)
J.P. Morgan expands on Solana. J.P. Morgan Asset Management widened access to its tokenized money market funds on Solana for qualified investors. That includes JLTXX, a government money market fund designed to support stablecoin issuers under the GENIUS Act. Institutional tokenization and stablecoin regulation are now moving forward together on Solana. (Source: PR Newswire)
Macro. Overall crypto sentiment sits in “Greed,” yet SOL is lagging. We’re watching whether faster finality and growing institutional products turn into flows before price follows.
The SOLTRACER take
The fundamentals had a strong week: a major consensus upgrade shipped, institutional products expanded and stablecoin supply held firm. Price and DEX activity are softer. That gap between building and price is what we’ll keep tracking on the Dashboard and the Top 20.
Not investment advice. See our Disclaimer. Data from CoinGecko, DefiLlama, Solana RPC and Alternative.me as of about 3:40 PM ET on Oct 22, 2026. Top 20 scores as of about 9:35 AM ET.
