Long-term Solana Investors Gain Confidence Is a Price Boom Coming?
Glassnode research shows Solana (SOL) investors are more confident in retaining long-term assets. SOL is attractive at $218.35, with investors anticipating better prices going forward.
According to Glassnode, 27% of Solana's supply is owned by 6-12 month investors, indicating great confidence in the asset. Many expect a rebound or rise in 2024 and are positioned themselves appropriately.
“The proportion of locked assets held by long-term investors is increasing, showing buyers' conviction ahead of the 2024 rally,” Glassnode observed.
Selling Pressure Declines
Investors that bought SOL during the 2022 market crash have already made most of their money. Glassnode's 1-2 year holdings fell from 48% in June to below 5%.
This means that past cycle sellers have mostly left, putting little downward pressure on Solana's price.
Previous bull market investors mostly grabbed gains during last year's surge. The business indicated that SOL sellers had presumably already done so.
The decline in selling activity matches Solana's market attitude, as long-term holders prepare for the next bounce.
Solana Price Outlook: Key Levels
Technical resistance and negative signs limit Solana's price movement. SOL is trading around $218.35 and facing $227.28 downward trendline resistance.
The “three black crows” candlestick pattern suggests continued pessimistic mood and more short-term falls.
Immediate Support: $211.62
Next Supports: $203.35, $195.07 Resistance Levels: $227.28 (trendline), $234.80
The dynamic resistance 50 EMA at $225.84 limits rising momentum. At 39, the Relative Strength Index (RSI) indicates poor momentum and oversold circumstances.
Bulls might reverse the negative trend by targeting higher resistances if they breach $227.
