Solana (SOL) investors are holding onto their cryptocurrency, betting on a price increase, according to data analytics firm Glassnode.
Long-Term Holders are Confident
Glassnode’s analysis shows a significant portion of SOL is held by long-term investors. They believe Solana’s price will continue to climb. The firm specifically points out that investors who bought SOL between 6 and 12 months ago now hold 27% of the supply, demonstrating confidence in a continued rally.
Short-Term Holders Have Mostly Sold
However, the picture isn’t entirely rosy. Investors who bought SOL during the 2022 market downturn have largely sold off their holdings. Glassnode notes that this selling pressure has significantly weakened, suggesting that most of those who wanted to sell have already done so.
Price Predictions and Indicators
Earlier this week, Glassnode’s co-founders predicted a major Solana price rally. They highlighted that if SOL breaks the $235 mark, it could reach previous highs near $264. Technical indicators, like the Relative Strength Index (RSI), currently suggest the market isn’t overbought, further supporting the possibility of a price increase.
At the time of writing, SOL is trading around $224, down slightly in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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