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Solana holds near 50-day average as death-cross signals bearish pressure
Solana trades around $75.06, and a coming Alpenglow mainnet upgrade and a tokenomics proposal that would lift SOL burns and raise disinflation are viewed as potential catalysts.
Solana is trading around $75.06, down 1.2% on the day and hovering just above its 50-day moving average, as Decrypt notes. The daily chart shows what traders call a death cross, a bearish setup that leaves downside pressure on the table after Solana pulled back from an August spike near $90.
In crypto derivatives activity, prediction-market traders on Myriad are split, pricing a drop to $40 at 69% versus a rise to $160 at 31%. Decrypt also ties Solana’s move to broader market conditions, pointing to Bitcoin capped between roughly $62,000 support and $67,000 resistance and Ethereum pulling back to the $1,825 to $1,850 zone after rejection at higher levels.
While Decrypt says the near-term chart is currently “doing the talking,” it flags catalysts on the horizon. One is the Alpenglow consensus upgrade, aimed at reducing finality to 100 to 150 milliseconds, currently in community validator testing with a target for mainnet activation in August.
A second potential driver highlighted by Decrypt is a tokenomics proposal, with validators reportedly close to advancing SGP-0003. The package would include SIMD-0553, which would introduce resource-based fees and boost daily SOL burns from about 650 SOL to between 7,500 and 9,000 SOL, and SIMD-0550, which would double the annual disinflation rate to 30% and move the 1.5% inflation floor from 2032 to 2029. Supporters named include Helius, Jupiter, Drift, and Solana Compass.
Latest closeBitcoin $63,663.94 ▼0.4%|Ethereum $1,882.69 ▲0.6%|Solana $76.44 ▲0.7%