Solana Price Stuck in Narrow Range Amid Record Network Activity
Solana's price has been stuck in a narrow range between $65 and $85 since early June, despite record activity on its network. This unusual combination of high transaction counts and falling wallet numbers suggests existing users are doing more while fewer new wallets are joining the ecosystem.
A governance proposal to double the network's disinflation rate is nearing its final vote. If passed, it would cut future emissions by an estimated 18.9 million tokens over six years, worth around $1.39 billion at current prices. This potential supply tightening could support the price if demand remains steady.
The daily chart shows Solana's price within a rising channel since June, with trading near the middle of that channel and close to its 20-day moving average of $74.60. A move above the 50-day average at $75.57 would be a first step towards reclaiming longer-term support.