Solana price slides as GSR boosts Bitcoin weight and fee‑burn proposal advances

Following a July 29 network upgrade, Solana’s perpetual futures open interest rose above $500 million, the highest in nine months, while the token traded around $73. Technical analysts flagged $71.90 as a key support level; a break below could push SOL toward $68‑$69, with deeper risk if $64.30 fails. Conversely, a rally above $74‑$75 might briefly test resistance near $82‑$94.

GSR’s Core3 model portfolio adjusted its allocations on Aug 5, increasing Bitcoin’s weight to 19.3% (up from 9.2%) and cutting Ether, while Solana’s share fell to 36.5% after a 40.2% year‑to‑date decline, the steepest among the three assets. The portfolio’s overall loss reached 57.8% for the year, underperforming an equal‑weight benchmark.

Separately, Solana governance merged proposal SIMD‑0553, which would restructure transaction fees and raise daily token burns from roughly $47 k to up to $650 k. A companion proposal, SIMD‑0550, aims to double the network’s annual disinflation rate, potentially cutting future token issuance by $1.5 billion. Validator support for the proposals is approaching the 15 % threshold required for a full vote.

In the United States, the CLARITY Act—intended to clarify crypto regulation—remains stalled in the Senate, adding uncertainty to Solana’s market outlook as lawmakers head into an August recess.