Solana’s tokenized-equity supply reached a record $684M on September 12, while SOL trades at $101.71 — yet price remains below the $105.78 24-hour high. Galaxy Research also reported that Solana retained the DEX-volume lead for a seventh straight quarter in Q2 2026, but network-fee share fell from 26.6% to 17.3%, complicating the adoption narrative.

That divergence—the ecosystem is expanding while fee capture has weakened and price remains range-bound—is a watch, not a confident long/short. The $101.71 price sits near the middle of the September 10–12 range, with $98.02–$105.78 defining the immediate battlefield.

For SOL/USDT, a confirmed close above $105.80 would signal renewed demand. The first support to watch is $98.00, aligned with September 10’s $98.39 low; below that, $97.56 becomes the next reference, with $87.65 as the broader downside level.

Give this 1–2 weeks, with the October Alpenglow upgrade providing the next concrete protocol catalyst.

A confirmed close below $97.56 invalidates the constructive read; a broad altcoin bounce could lift SOL without improving SOL-specific demand.

$SOL