New information from market analytics agency Glassnode reveals that merchants are conserving 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 big provide of SOL, believing that Solana’s bullish section is way from over.
“Solana traders 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 provision, exhibiting conviction from 2024 rally consumers.”
However the information analytics agency notes that traders who amassed SOL towards the tip of the 2022 market cycle have massively unloaded their holdings. In accordance with 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 had been traders from the earlier bull run who largely took earnings throughout this yr’s rally. For now, those that needed to promote SOL have seemingly 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 each day timeframe, it might break the worth compression, focusing on the earlier excessive of $264.
Key Indicators: Day by 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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