Recent data from market analytics firm Glassnode indicates that traders are holding onto their Solana (SOL) holdings with confidence in the continued upward trajectory of its price.
In a recent update on social media platform X, Glassnode reported that long-term holders now possess a significant portion of SOL, demonstrating their belief in the ongoing bullish phase of Solana.
“Solana investors are holding firm, anticipating further price increases. The share of wealth locked in the network by long-term holders has been increasing. The 6-12 month cohort currently holds 27% of the supply, indicating confidence from buyers who participated in the 2024 rally.”
However, Glassnode also noted that investors who acquired SOL towards the end of the 2022 market cycle have significantly reduced their holdings. This decrease in supply from the 2022 investor cohort suggests that selling pressure for SOL has diminished.
“Conversely, the 1-2 year cohort has steadily decreased, falling from 48% in June to just under 5% currently. These investors from the previous bull run largely took profits during this year’s rally. It is likely that those looking to sell SOL have already done so.”
Earlier this week, the co-founders of Glassnode made a prediction that Solana is poised for a significant rally.
“SOL reached the targeted zone and rebounded towards $230. A break above $235 on a daily timeframe could signal a breakout from the price compression, with a target set at the previous high of $264. Key Signals: Daily RSI remains neutral, indicating potential for further upward movement.”
As of the current writing, Solana is trading at $224, reflecting a 3% decrease over the last 24 hours.
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Image Credit: Midjourney