Solana liquidity shrinks over 28% since 2025 as MEXC leads market depth

Solana’s order books are noticeably thinner than they were a year ago. According to a CoinGecko Research report published on September 30, 2026, the median market depth for SOL fell from about $28 million per side in 2025 to roughly $20 million per side in 2026. That works out to a decline of over 28.5%. For a network that markets itself on speed and scale, the trading pipes around its native token have gotten a bit narrower. What CoinGecko measured Market depth measures how much buy and sell interest sits in an order book close to the current price. CoinGecko tracked the amount resting within ±2% of SOL’s price, on both the bid and ask side. The study covered eight centralized exchanges. Data ran from July 6 to September 3, 2026. Across that window, median depth landed at about $20 million per side. In 2025, the comparable figure was approximately $28 million. The daily medians also hide some rougher moments. During price breaks in the study period, depth on most platforms often sank to the $3 million to $4 million range. MEXC tops the leaderboard, with caveats MEXC led SOL liquidity at the immediate market price, with around $934,000 available. That put it ahead of Binance and Co...