Solana’s governance roadmap for 2026 faces renewed uncertainty after Galaxy Research signaled that no inflation reduction proposal will advance next year. According to Galaxy research associate Lucas Tcheyan, the latest proposal, SIMD-0411, will likely be withdrawn without a vote. The assessment reflects broader frustration inside the Solana community, where debates around token inflation have struggled to reach consensus. Consequently, attention is shifting toward other priorities that developers and validators consider more urgent for the network’s growth. The inflation discussion has lingered since last year, creating repeated governance friction. However, participants increasingly argue that prolonged debate diverts focus from structural improvements. These include market microstructure changes that directly affect liquidity, execution quality, and onchain efficiency. Hence, Solana’s leadership appears more inclined to pause contentious monetary changes rather than force an unresolved vote. Market Structure Takes Priority Over Token Economics Solana contributors now emphasize infrastructure upgrades instead of altering inflation mechanics. Tcheyan noted that unresolved inflation proposals risk distracting builders from implementing practical changes that improve trading conditions. Moreover, concerns persist that adjusting SOL’s issuance model could affect its perception as a neutral monetary asset. That risk weighs heavily as institutional interest in layer-1 networks grows. Besides governance considerations, Solana’s onchain economy continues to mature. Galaxy expects Internet Capital Markets built on Solana to reach a $2 billion valuation, up from roughly $750 million today. This growth reflects a transition away from meme-driven speculation toward applications with measurable revenue. Consequently, demand increasingly favors tokens linked to sustainable businesses rather than short-term narratives. Broader Crypto Outlook Shapes Solana’s Path Galaxy’s outlook arrives alongside cautious expectations for the wider crypto market in 2026. Bitcoin volatility has compressed, while derivatives markets now price downside risk more aggressively than upside. However, analysts still expect Bitcoin to reach $250,000 by the end of 2027. Additionally, institutional access continues expanding as macro conditions gradually ease. Within that environment, Solana’s strategy appears defensive but deliberate. By delaying inflation changes, the network avoids uncertainty that could unsettle long-term holders. Moreover, developers gain space to strengthen execution layers and application economics. This approach aligns with a broader industry trend where value capture shifts toward applications instead of base layers. Solana Price Action Reflects Near-Term Tension Despite governance uncertainty, Solana’s price increased modestly today. SOL traded near $123 , posting a small daily gain but remaining lower over the past week. Source: X According to TedPillows, an analyst, liquidation data shows dense clusters on both sides of the market. A move toward $126 to $130 could trigger short liquidations. Conversely, a drop below $120 risks accelerating long liquidations.
