New knowledge from market analytics agency Glassnode reveals that merchants are holding their Solana (SOL) stacks amid expectations that its worth will proceed to rise.
In a brand new thread on the social media platform X, Glassnode says that long-term holders now personal a major provide of SOL, believing that Solana’s bullish part is much from over.
“Solana buyers are HODL-ing (holding on for expensive life) agency, anticipating greater costs. Lengthy-term holders’ share of wealth locked within the community is rising. The 6-12 month cohort now holds 27% of the availability, displaying conviction from 2024 rally consumers.”
However the knowledge analytics agency notes that buyers who amassed SOL towards the tip of the 2022 market cycle have massively unloaded their holdings. In response to Glassnode, the distribution of the 2022 investor cohort means that promoting stress for SOL is now weak.
“In the meantime, the 1-2 12 months cohort has steadily diminished, dropping from 48% in June to simply under 5% now. These have been buyers from the earlier bull run who largely took income throughout this 12 months’s rally. For now, those that wished to promote SOL have doubtless bought.”
Earlier this week, the co-founders of Glassnode predicted that Solana is due for a significant rally.
“SOL hit the marked zone and rebounded towards $230. If it surpasses $235 on a every day timeframe, it may break the worth compression, focusing on the earlier excessive of $264.
Key Indicators: Every day RSI (relative power indicator) is impartial, removed from overbought territory – favorable for a transfer greater.”
Solana is buying and selling for $224 at time of writing, a 3% lower over the last 24 hours.
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