Türkçe
Español
Market analysis firm Glassnode’s new data reveals that Solana 
$169 (SOL) investors are not selling their holdings, anticipating further price increases. This behavior indicates confidence in Solana’s market potential and suggests a bullish outlook among its users.
Increase in Long-Term Investors
Glassnode stated on the social media platform X that long-term investors currently hold a significant portion of SOL. Investors believe that Solana’s bullish market has not yet ended, as they continue to retain their assets.
“Solana investors are holding onto their assets, expecting prices to rise. The proportion of locked assets held by long-term investors is increasing. The 6-12 month group holds 27% of the supply, showing the conviction of buyers ahead of the 2024 rally.”
Decrease in Selling Pressure
Glassnode noted that investors who accumulated SOL at the end of the 2022 market cycle largely sold their assets. The distribution of the 2022 investor group currently indicates weak selling pressure for SOL.
“Meanwhile, the 1-2 year group has continuously decreased, dropping from 48% in June to just below 5% now. These investors from the previous bull market largely took profits during this year’s rally. For now, those wanting to sell SOL have likely already done so.”
Anticipation of a Major Rally
Glassnode’s co-founders forecast that Solana is preparing for a significant rally. SOL could target its previous high of $264 by surpassing a specific price level.
“SOL has reached a designated area and retraced to $230. If it exceeds $235 on the daily timeframe, it could break the price compression and aim for the previous high of $264. The daily RSI is neutral and distant from the overbought region, making it favorable for upward movement.”
As of writing, Solana is trading at $224, showing a 3% decrease in the last 24 hours. The ongoing support from long-term investors for Solana may positively influence future price movements, as they continue to monitor market conditions closely.
