New data from market analytics firm Glassnode shows that traders are holding onto their Solana (SOL) stacks with the expectation that the price will continue to rise.
In a new thread on the social media platform X, Glassnode say that long-term holders now own a significant stock of SOL, believing that Solana’s bullish phase is far from over.
“Solana investors are HODL-ing (holding on for life) and expecting higher prices. The share of long-term owners in the assets locked up in the network is growing. The 6-12 month cohort now holds 27% of the supply, demonstrating the conviction of the 2024 rally buyers.”
But the data analytics company notes that investors who accumulated SOL towards the end of the 2022 market cycle have massively emptied their holdings. According to Glassnode, the distribution of the 2022 investor cohort suggests that selling pressure for SOL is now weak.
“Meanwhile, the 1-2 year old cohort has steadily declined, from 48% in June to just under 5% now. These were investors from the previous bull run who largely took profits during this year’s rally. For now, those who wanted to sell SOL have probably sold.”
Earlier this week, Glassnode co-founders predicted that Solana is due for a big rally.
“SOL hit the highlighted zone and recovered towards $230. If it crosses $235 on a daily time frame, it could break the price compression and target the previous high of $264.
Key signals: The daily RSI (relative strength indicator) is neutral, far from overbought territory – favorable for upside.”
Solana is trading at $224 at the time of writing, down 3% over the past 24 hours.
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