Solana Price Forecast: Major Governance Ahead of Vote Holders Decrease

Solana was trading at close to $74 this week. Prices have remained within a narrow range since June, despite new data showing a decrease in the number of wallets holding the token and record online activity. These two signals point in different directions. This mixed signal deserves careful review before deciding on the next move.

What is the current Solana price?

According to data from KuCoin and other major exchanges, SOL prices are around US$74. Since early June, the token has been traded sideways between $65 and $85. This range is well below the all-time high of approximately $293 set in January 2025.

Why is the number of Solana wallets declining?

A chart from Ali Charts, an online data analysis account, shows that the number of wallets holding at least 0.1 SOL fell by 5% in two weeks, from 11.84 million to 11.26 million. This tracks small holders, not large whale owners. Such declines could mean that small investors are retreating, moving money to exchanges, or spreading positions into new wallets. But this does not confirm that big players are also selling. The number of wallets is only part of the overall situation, not the whole picture.

Is Solana Internet activity really growing?

Yes, this is very prominent. According to SolanaFloor, the network processed more than 1.01 billion non-voting transactions last week, setting a new weekly record and surpassing its previous high in early July. High transaction volume often indicates actual usage, whether it comes from trading robots, applications, or common memecoin activity on low-fee chains. While the number of wallets has dropped, the amount of activity has increased is an unusual combination. This suggests that existing users are doing more, even as the number of new wallets reaching the 0.1 SOL threshold decreases.

What is a deflation proposal and why is it important?

A governance proposal to double the rate of online deflation has passed the first vote and entered the discussion stage. According to SolanaFloor's tracker, the proposal requires 65.16 million SOL support and has already reached that threshold. If ultimately voted on, the change would reduce future emissions by approximately 18.9 million tokens over six years. At current prices, this is worth close to $1.39 billion. Slower emissions usually mean slower supply growth. If demand remains stable, tighter supplies can support prices in the long term, but there is no guarantee.

Price data list

Current price: approximately US$74

Wallet holding 0.1SOL or more within two weeks Change: -5%(From 11.84 million to 11.26 million)

Weekly non-voting trading volume: 1.01 billion (record)

Proposed emission reductions: 18.9 million tokens cut over 6 years

Estimated value of the reduction: approximately US$1.39 billion

Governance support has reached: 65.1 million/65.16 million threshold

Historical high: approximately US$293 (January 2025)

What does the chart show now?

The daily chart shows that prices have moved in an upward channel since June, after falling sharply from levels above $140 in January. Prices are currently in the middle of the channel, close to the 20-day moving average (approximately $74.60). The 50-day moving average is close to $75.57, and the 100-day moving average is close to $78.86. Trading prices below these short-term moving averages suggest that the rally since June lows has lost some momentum. The 200-day moving average is well above the current price, at $91.04, showing how big the decline has been this year. Getting back above $78 to $79 would be the first step towards the long-term moving average. Support in the channel is close to $70, a level that has been tested multiple times since late July. If trading volume expands and falls below this support, it may trigger a deeper correction.

What might drive the next step in prices?

Currently, traders are focusing on three points. First, the result of the final deflation vote. A pass may be seen as a supply-tightening event, while a veto may disappoint traders who have already included it in prices. Second, whether transaction growth can be sustainable. Continued record-setting activity will support the view that actual usage is rising. Third, whether the number of wallets can stabilize or continue to decline. The continued decline in small-holder wallets is noteworthy, even if there has not yet been a clear price impact. None of these guarantees specific results. Market reactions depend on on-chain data, broader cryptocurrency sentiment, and macro conditions such as interest rates and risk appetite.

Disclaimer : This article is for reference only and does not constitute financial, investment or trading advice. Cryptocurrency prices fluctuate violently, and past performance does not represent future results. Be sure to research and consult a licensed financial adviser before making an investment decision.