Solana’s Short-Term Outlook Faces Headwinds While Long-Term Bullish Signals Strengthen—Can SOL Reclaim $100?

Solana’s price is flashing mixed signals, as fresh on-chain data points to slowing retail participation, while a major governance proposal could significantly strengthen the network’s long-term tokenomics. The number of SOL holders has fallen sharply over the past two weeks, raising questions about near-term demand. 

At the same time, validators have advanced a proposal that would accelerate Solana’s disinflation schedule, potentially removing billions of dollars worth of future token emissions. With conflicting signals shaping market sentiment, investors are now watching whether SOL price can overcome short-term weakness and build momentum toward reclaiming the $100 mark.

SOL Holder Count Drops to a Multi-Week Low

Fresh on-chain data from Glassnode shows that the number of Solana (SOL) holders has declined steadily over the past two weeks, falling from nearly 11.8 million to around 11.3 million. The sharp drop suggests a slowdown in wallet growth, indicating that retail participation has softened following SOL’s recent market activity.

A declining holder count can reflect several factors, including profit-taking by smaller investors, wallet consolidation, or reduced inflows of new participants. While the metric does not necessarily imply widespread selling, it does point to weaker short-term network participation compared to previous weeks.

With retail participation showing signs of cooling, market attention has now shifted to Solana’s governance process, where a proposed change to the network’s token issuance model could have a much larger impact on SOL’s long-term supply dynamics.

Disinflation Proposal Could Remove $1.39 Billion Worth of Future SOL Supply

While on-chain data points to slowing retail participation, Solana’s long-term outlook has received a potential boost from a major governance proposal. The proposal to double the network’s disinflation rate has successfully cleared the initial governance vote and has now entered the discussion phase ahead of the final community vote.

If approved, the proposal would reduce future token emissions by an estimated 18.9 million SOL over the next six years, equivalent to roughly $1.39 billion at current market prices. By accelerating the decline in SOL issuance, the proposal aims to reduce long-term token dilution while strengthening the network’s supply dynamics.

A lower emission schedule could enhance SOL’s scarcity over time, particularly if network usage and staking demand continue to grow. Reduced token issuance is generally viewed as a positive development for long-term holders, as it limits the amount of new supply entering circulation and may improve the balance between supply and demand.

Although the proposal has yet to receive final approval, its progress through governance reflects the community’s growing focus on strengthening Solana’s long-term tokenomics. The outcome is expected to play an important role in shaping investor sentiment toward SOL in the months ahead.

SOL Eyes Ichimoku Bullish Crossover as Bears Lose Momentum

On the weekly timeframe, Solana price continues to trade within a falling channel, with price attempting to stabilize near the channel’s lower boundary after months of sustained selling pressure. While the broader trend remains cautious, several technical signals suggest bearish momentum may be fading. Interestingly, the conversion & base lines of the Ichimoku Cloud are heading for a bullish crossover, marking a shift in the short-term as bulls are slowly gaining control. 

Meanwhile, Open Interest has remained relatively stable around 6.3 million contracts, suggesting traders are waiting for confirmation before committing to larger directional positions. To gain credibility, SOL must also reclaim the descending channel’s upper trendline and sustain a move above the $79–$80 region, which coincides with the Kijun-sen and the lower edge of the Ichimoku Cloud.

A breakout above the channel, coupled with a confirmed Ichimoku bullish crossover, could strengthen the case for a recovery toward the psychological $100 level. Conversely, rejection at the channel resistance may keep SOL confined within its broader downtrend, with the lower boundary near $59–$66 acting as the next key support zone.

Can Solana’s Improved Tokenomics Offset Weakening Network Participation?

Solana is currently at a crossroads where its short-term and long-term fundamentals are telling different stories. On one hand, the decline in wallet holders suggests retail participation has cooled, which could limit buying momentum in the near term. On the other, the proposed acceleration of SOL’s disinflation schedule signals a strategic shift toward strengthening the network’s long-term value proposition.

If the proposal receives final approval, reducing future token emissions by nearly 19 million SOL would make the asset increasingly scarce over time, potentially improving its appeal to long-term investors and institutional participants. However, that structural benefit is unlikely to have an immediate impact unless network activity and demand continue to grow alongside the improved tokenomics.