New information from market analytics agency Glassnode reveals that merchants are protecting 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 part is way from over.
“Solana traders 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 availability, exhibiting conviction from 2024 rally patrons.”
However the information analytics agency notes that traders who amassed SOL towards the top of the 2022 market cycle have massively unloaded their holdings. In line 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 only beneath 5% now. These have 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 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, concentrating on the earlier excessive of $264.
Key Indicators: Each day RSI (relative power 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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