New information from market analytics agency Glassnode reveals that merchants are preserving their Solana (SOL) stacks amid expectations that its value 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 section is way from over.
“Solana buyers are HODL-ing (holding on for pricey life) agency, anticipating increased costs. Lengthy-term holders’ share of wealth locked within the community is rising. The 6-12 month cohort now holds 27% of the provision, displaying conviction from 2024 rally consumers.”
However the information analytics agency notes that buyers who gathered SOL towards the top of the 2022 market cycle have massively unloaded their holdings. Based on Glassnode, the distribution of the 2022 investor cohort means that promoting strain for SOL is now weak.
“In the meantime, the 1-2 yr 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 yr’s rally. For now, those that needed to promote SOL have probably offered.”
Earlier this week, the co-founders of Glassnode predicted that Solana is due for a serious rally.
“SOL hit the marked zone and rebounded towards $230. If it surpasses $235 on a every day timeframe, it might break the worth compression, focusing on the earlier excessive of $264.
Key Alerts: Day by day RSI (relative energy indicator) is impartial, removed from overbought territory – favorable for a transfer increased.”
Solana is buying and selling for $224 at time of writing, a 3% lower over the past 24 hours.
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