SOL slid to $75.92 early Saturday, down 5.8% in 24 hours and 15.9% on the week, after trading as low as about $75.05 overnight, its weakest level since August (CoinGecko, cryptoticker). This time SOL fell harder than bitcoin or ether. Yet one day before Solana's biggest conference of the year, new dollars kept landing on the network.
A second leverage flush in two days
For the second day running, more than a billion dollars of leveraged crypto bets were forcibly closed. CoinGlass counted about $1.23 billion of liquidations in 24 hours, roughly 83% of them bets on higher prices, nearly double the day before (BeInCrypto). About $62.5 million of that came from SOL positions (The Crypto Times).
Bitcoin is at $67,229, down 3.0%, and is testing its 200-week average near $67,900. Ether is at $1,910, down 2.5%. SOL is now down 39% this year and has given back its entire August-to-September rally. The Crypto Fear & Greed Index fell to 13, Extreme Fear, from 20 on Friday (alternative.me).
Rates are doing the pushing
The pressure is coming from interest rates. U.S. producer prices rose 0.3% in October, a bit less than expected, but were up 6.5% from a year ago. Three Fed officials, Austan Goolsbee, Susan Collins and Mary Daly, said more tightening may be needed, and the 10-year Treasury yield closed at 5.15% after touching 5.17% (Yahoo Finance). The S&P 500 fell 0.4% and the Nasdaq 0.9% as chip stocks slid, and markets now expect a rate hike in December (AP). Higher rates make it more expensive to borrow to trade, which is why leveraged positions keep getting flushed.
Fund demand is not filling the gap. U.S. spot SOL ETFs lost $3.1 million on Friday, all from Fidelity's FSOL, their seventh straight session of net withdrawals. Total net inflows since launch stand at $1.40 billion (Farside). The daily amounts are small, but there is no steady buyer from the funds right now. Track the flows on our ETF Tracker.
Dollars keep landing on Solana
Circle's USDC Treasury minted 500 million USDC on Solana on Friday evening, in two batches of 250 million 36 minutes apart (TokenPost). That followed a 250 million mint on Friday morning (TokenPost), for 750 million new USDC in a single day. Who received it was not disclosed, and a mint is not the same as spending. Stablecoins on Solana total about $14.1 billion on DefiLlama's latest daily reading (DefiLlama). The mint is logged on The Catalyst Tracker.
Builders kept shipping too. The Solana Foundation and Nito released Confidential Compute, tools that verify on-chain that an AI runs inside sealed hardware, as an unaudited devnet beta (Solana Compass). This morning Helius opened a beta API that shows what any account or pool looked like at a past point in time, for testing trades against history (Helius).
DEX Discovery
Solana DEXs handled $1.56 billion on Friday (UTC), up 4% on the day, keeping the network second behind Ethereum ($2.32 billion) with a 15.7% share (DefiLlama). The week totaled $9.47 billion, about 19% below the week before. Trading tilted toward professional market makers: proprietary AMMs, venues where a single firm sets the prices, rose to about 29% of volume, led by BisonFi at $187 million, while PumpSwap fell 39%. Orca held steady at $228 million, and its main SOL/USDC pool alone did $84 million on $18 million of liquidity. PancakeSwap's Solana pools grew 49% to $35 million. Launchpads stayed near 7.5% of volume. Many of the busiest new pools showed signs of automated trading and were left out.
What to watch
- Today: Scale or Die London, the engineering summit before Breakpoint; Anza's performance team closes it at 12:05 p.m. ET.
- Nov. 15 to 17: Breakpoint London.
- Tue., Nov. 17: Nvidia earnings.
- Dec. 8 to 9: Fed meeting.
Why it matters for SOL: rates and leverage are setting the price this week, not Solana news. Breakpoint is where the network gets to argue the other side, with launch dates rather than promises.
Breakpoint Countdown: T-minus 1 day
Solana Breakpoint opens tomorrow at Olympia London (Nov 15 to 17). Today is the eve: the side-event calendar on solana.com/events is still moving, with new community listings like a Bullet and Pudgy Penguins dinner in London on Nov 16 landing overnight, while Friday's events have rolled off.
The theme is the Token Supercycle: stablecoins, payments and tokenized assets. SOL is trading near $76 going in, so the tape is not pricing in a rally.
The rule we'll grade by: launch dates over slides. An announcement with a live date counts. A roadmap slide does not. We'll score the big names against it and track SOL and ETF flows as the news lands.
Day 1 starts tomorrow.
Prices as of ~6:53 AM ET on Nov 14, 2026. DEX volume is the prior full UTC day (Nov 13).
Not investment advice. See our Disclaimer.
