Friday, October 23, 2026 · SOLTRACER market wrap
J.P. Morgan's tokenized funds went live on Solana the same day the broader market lost its nerve. Here's the SOLTRACER wrap.
SOL market moves
SOL trades near $103.86, down 0.6% over 24 hours and 2.1% over the past 7 days. It is down 11.4% over 30 days and about 16.6% year to date, from roughly $124.52 on January 1. Market cap is about $61.2B, and 24-hour volume fell to $2.04B. Bitcoin (−0.4%) and Ether (−0.4%) barely moved either, so SOL is moving with the market rather than against it.
The mood changed faster than the price. The Crypto Fear & Greed Index dropped from 68 (Greed) to 50 (Neutral) overnight after a 2.6% Nasdaq sell-off, Brent crude near $113 and $635M of outflows from spot bitcoin ETFs. The $100–$103 zone is the support level traders are watching on X, and SOL futures open interest is still falling as positions are closed.
Wall Street keeps building
J.P. Morgan is live. J.P. Morgan Asset Management's MONY and JLTXX funds are now available on Solana to qualified U.S. investors through Morgan Money, with subscriptions, redemptions and token balances handled on one platform. JLTXX is a government money market fund designed to support stablecoin issuers under the GENIUS Act, which ties it directly to the stablecoin build-out happening on Solana.
A Solana treasury company heads to Hong Kong. Solana Company (HSDT) was named a strategic enterprise by Hong Kong's government. It is opening its Asia-Pacific headquarters there and plans to run Solana validators in the city.
Stablecoins for everyone. Reflect launched a tool that lets anyone issue a branded stablecoin on Solana in a single transaction, and LI.FI proposed 1:1 stablecoin payment flows on the network. SolanaFloor reports that stablecoin holders on the network have hit a record 14.2 million.
Tokenized stocks and mobile. Tokenized VIDA shares traded 248% more volume on Solana than the underlying stock over the past 30 days, and the Solana Mobile dApp Store has passed 1,500 apps.
What people are talking about
Two days after Alpenglow, the big topic on X is that Solana is "out of beta." The co-founders called for dropping the label once ~150 ms finality went live, and builders have picked up the phrase. Next on the protocol roadmap is Rotor, Alpenglow's second phase, which doesn't have a date yet. Quantumglow, the post-quantum research version of Alpenglow, remains research only.
Traders are less upbeat. Many are focused on managing risk ahead of next week's Fed meeting, and memecoin sentiment took another hit after a Pump.fun token crashed 97% in five minutes in a suspected account hack. Pump.fun also sent another ~129,800 SOL to Kraken.
On-chain data
- DeFi TVL: about $5.84B, down 2.3% from a day earlier.
- DEX volume: $2.04B in 24 hours (down 10.2%) and $13.69B over 7 days.
- Stablecoins: about $15.88B in USD-pegged supply on Solana, a little below this week's high.
- Fees: $11.3M in chain fees and $4.06M in chain revenue over 24 hours.
- Staking: about 68.9% of total SOL supply is staked, across 655 active validators.
Flows and macro
U.S. spot SOL ETFs saw $8.5M of net outflows on October 22 and about $30M over the past week, leaving roughly $1.61B in assets. The Fed meets October 27–28. A hold is close to fully priced, so the risk is in what the Fed says about December. In Washington, the CFTC chair said exchanges should be able to choose state or federal oversight, and the OCC finalized its GENIUS Act stablecoin rules.
The SOLTRACER take
This week the gap between building and price got wider. A bulge-bracket bank put a fund built for stablecoin issuers on Solana, a treasury company won government backing in Hong Kong and the network just shipped its largest consensus upgrade since launch, and SOL still slipped with the rest of the market. Our read: price is being driven by macro right now, and the institutional groundwork is still being laid. We'll keep tracking both on the Dashboard.
Sources: CoinGecko · DefiLlama · Alternative.me · J.P. Morgan AM via PR Newswire · Solana Company via GlobeNewswire · SolanaFloor ETF Tracker · CoinDesk · Solana Foundation: Alpenglow · TokenPost · Lookonchain · SolanaFloor on X · Solana on X
Data from CoinGecko, DefiLlama, Solana RPC and Alternative.me as of about 7:10 AM ET on Oct 23, 2026.
Not investment advice. See our Disclaimer.
