Why Do Solana Holders Remain Confident In The Market?

Solana stands out as one of the flagship assets of an optimistic crypto era marked by the return of Donald Trump. Yet, behind this bullish shine, all is not so simple for SOL traders. Between maintaining positions by long-term investors and weak selling pressure, this altcoin seems to be gearing up for future increases. But how far can it really go?

Solana: An altcoin favored by long-term investors

The Solana news: Glassnode data reveals that this crypto, currently valued at $224, attracts a base of loyal investors betting on the future. These investors aren’t just dreaming of a rally; they are literally locking up their assets, thus constituting a stabilizing force for the market.

#Solana investors are #HODL-ing firm, expecting higher prices.

Long-term holders’ share of wealth locked in the network is growing. The 6-12 month cohort now holds 27% of the supply, showing conviction from 2024 rally buyers.#SOL’s RHODL Waves chart: https://t.co/7AwppTiVm7 pic.twitter.com/8s6NmDNaqL

— glassnode (@glassnode) December 13, 2024

• 27% of the supply is currently held by the group of investors who bought between 6 and 12 months ago;
• Long-term holders are strengthening their position, supporting the idea that ” the bullish adventure of Solana is far from over “;
• Former speculators, for their part, have taken advantage of recent highs to cash in their gains, allowing space for more confident buyers.

” The current market shows a notable decrease in selling pressure, suggesting that those who wanted to offload SOL have already done so “, noted Glassnode.

Thus, while the majority of altcoins fluctuate, Solana benefits from a unique momentum.

Crypto SOL: A gathering towards the heights?

Attention now turns to an ambitious target: $264. According to analysts, SOL could break through the symbolic barrier of $235 to resume its ascent. This target is based on promising technical indicators:

• A RSI still far from overheating zones;
• A price compression that could yield to a bullish move;
• Investors watching with hope for changes in volumes.

However, caution remains paramount. If Solana strives to climb to new heights, it will need to convince skeptics in the face of persistent volatility. Experienced traders know that every move in the crypto world is a battle between patience and haste.

This concludes the overview of a market torn between mixed signals and soaring ambitions. Solana, despite everything, retains its ability to inspire dreams. Optimism is growing, particularly around a potential SOL ETF in the United States, further enhancing investors’ hopes.