According to Glassnode data, long-term Solana investors are still holding on to their holdings and not selling. Investors in 2022 have largely sold off their holdings, but selling pressure has now significantly decreased. Glassnode is predicting a major rally for Solana.
According to Glassnode’s latest data, Solana (SOL) investors are not selling their assets in anticipation of a price increase. Glassnode stated on social media platform X that long-term investors continue to hold a large portion of SOL. These investors believe that Solana’s bull market is not over yet. Investors continue to hold their assets in anticipation of a price increase. The proportion of assets locked in the network has also increased by long-term investors. The 6-12 month investor group owns 27% of the supply, reflecting buyer confidence for the 2024 rally.
Glassnode notes that the majority of investors who accumulated SOL in late 2022 sold their holdings and that selling pressure is currently quite weak.
“During this period, the group of 1-2 year investors has been continuously decreasing. This ratio, which was 48% since June, has now fallen below 5%. These investors from the previous bull market largely took their profits during the 2024 rally. At present, investors who planned to sell SOL have most likely sold their assets.”
Glassnode co-founders predict Solana is poised for a major rally, with SOL potentially targeting its previous high of $264 after breaking a certain price level.
“SOL has reached the designated area and pulled back to $230. If it breaks above $235 on the daily time frame, the price could break the squeeze and move towards the previous high at $264. The daily RSI (strength index) is neutral and away from the overbought zone, providing a favorable case for an upside move.”
Solana is trading at $224 at the time of writing and is down 3% in the last 24 hours.
Continued long-term investor support for Solana could positively impact future price action as investors continue to monitor market conditions closely.
