Traders are holding on to Solana (SOL) stacks amid expectations that the price will continue to rise, according to new data from market analytics firm Glassnode.
Glassnode said in a new thread on social media platform
“Solana investors are operating a HODL (Holding on Dear Life) company in hopes of higher prices. The share of long-term holders of wealth locked in the network is increasing. The 6-12 month cohort currently holds 27% of supply, demonstrating buyer confidence in the 2024 rally.”
However, the data analytics firm notes that investors who had accumulated SOL have dumped their holdings in large quantities towards the end of the 2022 market cycle. According to Glassnode, the distribution of the 2022 investor cohort suggests that selling pressure on SOL is currently weak.
“Meanwhile, the 1st and 2nd year cohort has steadily declined, from 48% in June to just below 5% now. These were previous bull market investors who reaped most of the profits during this year’s rally. “For now, the people who wanted to sell SOL probably have.”
Earlier this week, the co-founder of Glassnode predicted that Solana is set for a massive rally.
“SOL hit the indicated area and rebounded to $230. A break above $235 on the daily period could break the price compression with a target of the previous high of $264.
Key Signs: The daily RSI (relative strength indicator) is neutral and far from overbought territory, favoring the upside.”
Solana is trading at $224 at the time of this writing, down 3% in the last 24 hours.
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