Crypto Investors are HODLing Solana in anticipation of higher SOL prices, according to Analytics Firm

New information from market analytics agency Glassnode reveals that merchants are holding onto their Solana (SOL) stacks with the expectation that the value will proceed to rise.

In a brand new thread on the social media platform X, Glassnode say that long-term holders now personal a big inventory of SOL, believing that Solana’s bullish section is much from over.

“Solana buyers are HODL-ing (holding on for all times) and anticipating larger costs. The share of long-term house owners within the property locked up within the community is rising. The 6-12 month cohort now holds 27% of the availability, demonstrating the conviction of the 2024 rally patrons.”

However the information analytics firm notes that buyers who amassed SOL in direction of the tip of the 2022 market cycle have massively emptied their holdings. In keeping with Glassnode, the distribution of the 2022 investor cohort means that promoting strain for SOL is now weak.

“In the meantime, the 1-2 12 months previous cohort has steadily declined, from 48% in June to only underneath 5% now. These had been buyers from the earlier bull run who largely took earnings throughout this 12 months’s rally. For now, those that wished to promote SOL have in all probability bought.”

Earlier this week, Glassnode co-founders predicted that Solana is due for a giant rally.

“SOL hit the highlighted zone and recovered in direction of $230. If it crosses $235 on a day by day timeframe, it might break the value compression and goal the earlier excessive of $264.

Key indicators: The day by day RSI (relative energy indicator) is impartial, removed from overbought territory – favorable for upside.”

Solana is buying and selling at $224 on the time of writing, down 3% over the previous 24 hours.

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