Introduction
Solana holders remain firm. This comes despite a drop in price since November 2021. Back then, Solana reached its all-time high of $263. Prices have since fallen. Yet, many long-term holders have not sold. They show strong trust in Solana’s future. Glassnode says recent sellers are from the last bull run. These sellers bought Solana one to two years ago. They sold during the 2024 rally to take profits. Their share of Solana holdings fell from 48% in June to below 5% by year’s end. Most of this group is now out of the market.
Long-Term Holders Show Faith
With short-term sellers gone, long-term investors now hold more coins. Glassnode says these holders are preparing for the next price rise. They are keeping their coins instead of selling them. On-chain data shows long-term holders own a larger share of Solana. New buyers, holding coins for six to 12 months, have increased their stake. This group now controls 27% of Solana’s supply. Their growing share signals strong trust in the coin. Glassnode also uses a tool called “HODL waves.” This tracks how long people hold their coins. Data shows holders are keeping Solana for longer periods. This suggests confidence in Solana’s future.
Solana Grows in DeFi
Solana’s growth is not just about holders. It is also gaining ground in DeFi. For 10 straight weeks, SOL led in DEX trading volume. It outpaced Ethereum and other blockchains during this time. Solana’s speed and low costs make it a favorite for users. These features attract both traders and developers. Solana’s rising use in DeFi is a key sign of its strength.
Developers Back Solana
SOL is also drawing more developers. In 2024, 7,625 new developers joined the network. This number is higher than Ethereum’s 6,456 new developers for the same year. Developer interest shows strong belief in Solana’s future. Electric Capital, a crypto-focused firm, highlights Solana’s progress. The firm says SOL is closing the gap with Ethereum. While Ethereum has led for years, Solana is catching up fast. Its speed and innovation make it an appealing choice for developers.
Solana’s Path Forward
Long-term holders are staying strong. DeFi activity on Solana continues to grow. New developers are joining the network in large numbers. These factors all point to a bright future for Solana. Solana is proving itself as a leader in the crypto world. Its growth in DEX trading and developer activity shows its potential. Many investors believe it could make its next big move soon. With its growing ecosystem and strong support, Solana seems ready to rise again.
The post Solana Holders Stay Strong, Says Glassnode first appeared on The VR Soldier.
