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Following
SOL Solana's native token SOL has performed strongly recently and has become one of the most watched assets in the cryptocurrency market. The token rebounded strongly from below US$75, breaking past US$105 at one point, hitting a seven-month high, and then experienced a slight correction. However, new developments in the Solana ecosystem have once again ignited investor enthusiasm, with changes in SOL supply, the growth of pledged ETFs and massive whale buying particularly striking.
Solana adjusts SOL distribution schedule
Solana validators have approved Proposal SGP-0002, which plans to increase the annual deflation rate of SOL supply from 15% to 30%. The proposal was passed with about 67% in favor, exceeding the required two-thirds majority threshold. This adjustment did not completely eliminate SOL inflation, but accelerated the current annual decline in inflation. Terminal inflation remains unchanged at 1.5%, but the time it takes for Solana to reach this level is expected to shorten from 2032 to 2029. While a faster supply tightening may be seen as a positive in the long term, a reduction in new SOL distribution could put pressure on pledged earnings.
Bitwise Solana Pledged ETF's assets under management exceed US$1 billion
Another important development for Solana is that the assets under management of the Bitwise Solana Staking ETF have exceeded US$1 billion. BSOL became the first fund among the ETF focused on altcoins to reach this level. It is reported that the fund held more than 9.3 million SOLs when its assets exceeded US$1 billion. BSOL plans to pledge all of its assets, and the current net pledge reward rate is approximately 5.8%. The ETF's growth is seen as an important signal that institutional investor interest in SOL is growing independently of its price performance.
Large-scale SOL transfers from Solana whales
On-line data shows that large investors are also increasingly active in Solana. According to Lookonchain, two major Solana whales have withdrawn millions of dollars worth of SOL from the exchange. One wallet withdrew approximately $3.9 million worth of SOL from Kraken, while the other whale transferred approximately $30 million worth of assets from Binance. Large-scale withdrawals of assets from exchanges are seen as reducing the supply available for sale and are one of the key indicators that investors pay close attention to.
Solana has performed strongly in its recent gains, once exceeding $105. Although it fell back after the overall market correction, SOL's monthly gain remained at about 42%. Some market analysts believe that the upward trend may continue, with different target prices between $150 and $300 emerging in long-term forecasts. However, it should be emphasized that these forecasts are not firm price targets and may change with market conditions.
Assessment
During the same period, changes in supply mechanisms in the Solana ecosystem, pledged ETFs exceeding US$1 billion, and large-scale SOL transfers from whales are three important developments that investors pay close attention to. If SOL prices can stabilize above $100 and re-consolidate their trend above $105, rising expectations will be supported. Conversely, selling pressure in the overall cryptocurrency market may also exacerbate short-term fluctuations in SOL.
