The underlying reasons for the increase in Solana price: Can the mark $190 be surpassed?

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The past day has witnessed a 5% increase in the price of Solana (SOL), but on-chain data suggests that there remains a long way to go before Solana manages to break through the $190 barrier.
The recent rise from $161 to $171 on May 27 in Solana’s value has fueled investors’ hope for continued growth, especially after its hit of $188.90 on May 21. Despite the stagnant activity of the network, this upward movement still becomes reality chiefly due to a proposal designed to increase yields for validators rather than burning tokens.
The proposal is called the SIMD-0096 proposal, which was approved by Solana's validators on May 27, which eliminated the 50% burn rate on priority transactions and shifted to a 0% burn rate. This modification aims to incentivize validators to prioritize network security and efficiency through engaging in arbitrage strategies that involve transaction reordering or exclusion.
Nevertheless, analysts highlighted that this adjustment may exert a negative impact on the Solana Network as it potentially makes SOL more inflationary despite the 4.6% increase in yearly issuance. Priority fees were absent in May 2023, implying that the effective inflation rate would even revert to approximately 9.9% annually.
Meanwhile, some speculate that SOL's recent price adjustment serves as a reaction to the approval of an Ether ETF in the United States, which sparked a decline in SOL's value. There is also belief that the market has been overly focused on this development of Ether ETF and overlooked SOL's year-to-date gains of 69%, which closely mirror those of Ether with 72% over the same period.
While the approval of the Ether ETF may have influenced SOL's recent decline to $161, it remains uncertain how long it will take for these instruments to begin trading in the U.S. Additionally, stagnant on-chain activity and concerns about inflationary changes imply that SOL is inclined to struggle to reach its previous high of $188.90 in the near future.
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