Solana Faces Short-Term Pressure as Long-Term Tokenomics Improve, With SOL Eyeing $100

Solana’s price is showing mixed signals as fresh on-chain data points to slowing retail participation, while a major governance proposal could materially 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 watching whether $SOL can overcome short-term weakness and build momentum toward reclaiming the $100 level.

$SOL Holder Count Falls 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 decline suggests slower wallet growth and softer retail participation following $SOL’s recent market activity.

The number of wallets holding at least 0.1 $SOL has fallen by 5% over the past two weeks, dropping from 11.84 million to 11.26 million, according to Ali Charts in an X post dated August 5, 2026:

The number of wallets holding at least 0.1 $SOL or more has declined by 5% over the past two weeks. Wallets meeting that threshold have fallen from 11.84 million to 11.26 million, indicating a slowdown in participation among holders. pic.twitter.com/PRXDPiSBwe — Ali Charts (@alicharts) August 5, 2026

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 indicate broad selling, it does point to weaker short-term network participation than in previous weeks.

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

Disinflation Proposal Could Remove $1.39 Billion in Future $SOL Supply

While on-chain data points to slower retail participation, Solana’s long-term outlook has received a potential lift from a major governance proposal. The proposal to double the network’s disinflation rate has 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, equal to roughly $1.39 billion at current market prices. By accelerating the decline in $SOL issuance, the measure aims to reduce long-term token dilution and strengthen the network’s supply dynamics.

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

Although the proposal has not yet received 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 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 easing.

The conversion and base lines of the Ichimoku Cloud are approaching a bullish crossover, signaling a possible shift in the short term as bulls gradually gain control. Meanwhile, open interest has remained relatively stable at around 6.3 million contracts, suggesting traders are waiting for confirmation before taking on larger directional positions.

For the setup to gain credibility, $SOL would also need to reclaim the descending channel’s upper trendline and hold above the $79–$80 region, which aligns with the Kijun-sen and the lower edge of the Ichimoku Cloud.

A breakout above the channel, combined with a confirmed Ichimoku bullish crossover, could strengthen the case for a move toward the psychological $100 level. By contrast, rejection at channel resistance could keep $SOL locked in its broader downtrend, with the lower boundary near $59–$66 serving as the next key support zone.

Can Solana’s Improved Tokenomics Offset Weakening Network Participation?

Solana is at a crossroads, with short-term and long-term fundamentals pointing in different directions. 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 and could improve 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.