Solana Investors Double Down: New Long-Term Holders Signal Confidence in Continued Rally in 2024
Solana’s investor base shows unwavering confidence as the network sees a shift in its long-term holder profile. According to on-chain data from Glassnode, many Solana addresses are moving to the long-term holder base, showing strong conviction from investors who entered the market during the recent 2024 rally.
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Solana Investors Stick to Bullish Price Expectations
Solana’s price rally has slowed over the past seven days, with the cryptocurrency now experiencing a significant correction. At the time of writing, Solana is down about 18% from its all-time high of $263.21, a feat it recently achieved on November 23.
However, on-chain data from Glassnode, a leading blockchain analytics firm, suggests that many Solana investors are choosing to hold onto their assets despite the selloff by others. In particular, the share of long-term wealth holders locked into the network is growing, with the 6-12 month group now holding 27% of the total supply.
These holders, often referred to as medium-term accumulators, indicate a sustained bullish sentiment as they show no inclination to sell in the near term. As participants in the recent rally, their holding mentality suggests that the cryptocurrency is attracting new long-term holders and not just short-term holders betting on a rapid price increase.
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