Glassnode Reports Solana Investors Hold for Future Price Increases

Market analysis firm Glassnode’s new data reveals that Solana $220 (SOL) investors are not selling their holdings, anticipating further price increases. This behavior indicates confidence in Solana’s market potential and suggests a bullish outlook among its users.

Increase in Long-Term Investors

Glassnode stated on the social media platform X that long-term investors currently hold a significant portion of SOL. Investors believe that Solana’s bullish market has not yet ended, as they continue to retain their assets.

Decrease in Selling Pressure

Glassnode noted that investors who accumulated SOL at the end of the 2022 market cycle largely sold their assets. The distribution of the 2022 investor group currently indicates weak selling pressure for SOL.

Anticipation of a Major Rally

Glassnode’s co-founders forecast that Solana is preparing for a significant rally. SOL could target its previous high of $264 by surpassing a specific price level.

As of writing, Solana is trading at $224, showing a 3% decrease in the last 24 hours. The ongoing support from long-term investors for Solana may positively influence future price movements, as they continue to monitor market condition mini House