New data from market analysis firm Glassnode reveals that Solana (SOL) investors are not waving their hands in expectation that the price will continue to rise.
Increase in Long-Term Investors
In its statement on social media platform X, Glassnode stated that long-term investors currently own a significant portion of SOL. Investors believe Solana’s bull market is far from over.
“Solana investors are not giving up their hands waiting for prices to rise. The ownership of assets locked in the network by long-term investors is increasing. “The 6-12 month group holds 27% of the supply, indicating the confidence of buyers in the 2024 rally.”
Decrease in Selling Pressure
Glassnode stated that investors who accumulated SOL at the end of the 2022 market cycle largely sold their holdings. The distribution of the 2022 investor group shows that selling pressure is currently weak for SOL.
“Meanwhile, the 1-2 year group has steadily decreased, from 48% since June to just under 5% now. These investors from the previous bull market largely took their profits during this year’s rally. For now, those who wanted to sell SOL probably did.”
Upcoming Big Rally Expectation
Glassnode’s co-founders predict that Solana is preparing for a big rally. SOL could break through a certain price level and target the previous high at $264.
“SOL reached the designated zone and pulled back towards $230. If it clears $235 on the daily time frame, the price could break the squeeze and target the previous high of $264. “The daily RSI (strength index) is neutral and away from the overbought zone – favorable for an upward move.”
As of press time, Solana is trading at $224 and has decreased by 3% in the last 24 hours.
Continued long-term investor support for Solana could have a positive impact on future price movements. Investors continue to monitor market conditions carefully.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
