Market analysis firm Glassnode's data shows Solana investors are holding onto their holdings, anticipating price increases.
Increase in Long-Term Investors
Glassnode stated that a significant portion of SOL is held by long-term investors who believe the bullish market for Solana has not yet ended and continue to hold their assets.
Decrease in Selling Pressure
Glassnode noted that investors who accumulated SOL at the end of the 2022 market cycle have largely sold their assets. Currently, this group's distribution indicates weak selling pressure.
Anticipation of a Major Rally
Glassnode's co-founders forecast that Solana is preparing for a significant rally, and SOL could reach its previous high by surpassing a certain price level.
As of writing, Solana is trading at $224, showing a 3% decrease in the last 24 hours. Continued support from long-term investors may positively influence future price movements.
