Solana Liquidity Falls More Than 28.5% as MEXC Leads at Market Price

Median Solana (SOL) liquidity across eight centralized exchanges fell more than 28.5% in 2026, reducing the amount of buy and sell depth available near the market price.

The median declined from approximately $28 million per side in 2025 to about $20 million during the 2026 study period. The figures came from daily order-book snapshots collected from Binance, Bybit, Bitget, OKX, Kraken, Crypto.com, Coinbase and MEXC between July 6 and Sept. 3 at 4 a.m. ET (8 a.m. UTC).

Across the eight exchanges, aggregate SOL liquidity within ±$0.20, or roughly ±0.2%, of the market price totaled about $8 million. MEXC ranked first at the market price, with approximately $934,000 in liquidity, ahead of Binance and Coinbase.

The rankings changed as the measurement moved farther from the market price. Bitget and Coinbase surpassed MEXC beyond the ±$0.20 range. Across the remainder of the ±2% range, Coinbase held more than $6 million in buy-side depth and more than $4 million in sell-side depth.

The decline in total depth came alongside a more even distribution of liquidity among exchanges compared with 2025. Market depth represents the value of buy and sell orders available near the current price. Thinner order books mean larger trades can have a greater effect on prices, while deeper books generally provide more capacity for orders to execute near the prevailing market price.

“For retail traders, liquidity is fundamental to market quality,” said Vugar Usi Zade, CEO of MEXC. “It determines execution efficiency, price stability and the ability to enter or exit positions with confidence.”