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Following
SOL Solana (SOL) holds on to key support, buyers target $78, governance vote or reduce inflation
Solana (SOL) is currently maintained above a key support level, reflecting buyers 'firm confidence and optimistic expectations that prices may rise, provided certain resistance areas need to be breached. Recent proposals to adjust Solana's token economy model have also received support from major stakeholders and are expected to have an impact on the future supply and destruction rates of the network.
Strong support boosts market sentiment, and resistance becomes the focus.
SOL's current price is US$74.14, 24-hour trading volume is US$1.43 billion, and market value is US$43.09 billion. Prices have increased by 1.05% in the past 24 hours. Analysts noted that technical indicators and Internet activity showed signs of bullish reversal.
Cryptocurrency analyst BitGuru pointed out that after the recent price correction, buyers have regained activity near support levels, pushing SOL to rebound significantly from its lows, with the next major resistance range at $75 to $77. The rebound boosted market confidence and showed growing demand from traders pursuing upward breakthroughs.
If prices can credibly break through the $77 mark, they could rise further to $78, strengthening bullish sentiment. However, if this resistance level cannot be exceeded, SOL may consolidate within the current range.
Support level: Current price of US$74.14 (key support held)
Resistance level: US$75 - 77
Next target: US$78
Governance proposal aims to strengthen the token economy model
Defi Dev Corp., an organization focusing on blockchain technology, publicly supports Solana's two new governance proposals-SIMD-0550 and SIMD-0553-aimed at optimizing the online token economy model. The proposals focus on reducing annual supply growth rates and increasing the amount of SOL tokens destroyed in the network.
SIMD-0550 is designed to accelerate Solana's achievement of 1.5% annual inflation and is expected to reduce the casting volume of SOL by approximately 18.9 million over the next six years.
In addition, SIMD-0553 introduces adjustments to the network fee system. Solana will no longer charge a fixed fee, but will charge transaction costs based on resource use, and these fees will be destroyed rather than allocated as rewards.
Defi Dev Corp. reported that if these changes are implemented, the token destruction rate could increase significantly, from the current 648 SOLs per day to a maximum of 9000 SOLs per day.
(Note: Defi Dev Corp. is an organization involved in the construction of decentralized financial infrastructure and is committed to advancing blockchain governance and protocol improvement proposals.)
Market impact on investors
The results of these governance decisions and the performance of prices within the resistance range of US$75 to US$77 are of important reference significance for investors. If breakthroughs continue, SOL is expected to hit higher prices; if resistance is effective, it may continue to maintain a volatile consolidation pattern.
Defi Dev Corp. said these proposals will be important milestones in Solana's future token economy model by reducing supply growth and increasing the frequency of token destruction.
