Is Solana being targeted by 'dead bulls'? HODL sentiment is high, and prices may surge!
According to the latest data from market analysis firm Glassnode, crypto investors are frantically accumulating Solana (SOL), firmly HODLing (holding on for dear life) in anticipation of the next price surge! Data shows that long-term holders (with 6-12 months of holdings) now control 27% of the SOL supply. The logic behind this is simple—they believe the story of SOL's rise is not over; in fact, it has just begun.
Glassnode reports that players who accumulated SOL at the end of the 2022 bear market have been cashing out like crazy during this year's price rebound, which has directly reduced market selling pressure to historic lows. Especially those investors holding for 1-2 years have seen their holdings plummet from 48% in June to less than 5%, completely clearing their inventory and realizing profits. The hardcore holders that remain are clearly very confident about the future.
Predictions from the big players: Could SOL hit $264?
The co-founder of Glassnode even predicts that Solana's price may soon experience a sharp rebound. He believes that if SOL breaks through the key resistance level of $235, it could directly trigger a rapid upward movement after price compression, aiming for the previous high of $264! Additionally, the daily RSI indicator remains in a neutral range and has not entered overbought territory, providing room for further price increases.
Commentary from the hunter: Steady, we can rise!
With reduced selling pressure and high HODL sentiment, Solana's next performance is worth anticipating. However, price increases are never a straight line—don’t forget that the market could always play a washout game and kick short-term players off the train. So, whether you're a dead bull or a short trader, keep an eye on the key levels and don't get shaken out!
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