The Solana Network keeps showing resilience and growing investor confidence. As per the data from Glassnode, Solana sees a rising trend of maintaining positions among the long-term $SOL holders, suggesting the anticipation for further price surges in the future. The crypto analytics firm reflected on the current position of Solana in the market in a recent social media post.
6-12 Month $SOL Holding Cohort Controls a Staggering 27% of the Cumulative Supply
Glassnode’s data points toward a substantial shift in Solana’s circulating supply distribution. The 6-12 month $SOL holding cohort is currently controlling 27% of the cumulative supply. This indicates a solid conviction among those investors who became market participants during this year’s $SOL rally. This investor group has expressed unwavering confidence by continuously keeping a hold on their positions instead of getting profits. This signifies a positive outlook for the long-term potential of Solana.
Contrarily, the $SOL holding cohort ranging between 1-2 years, including investors from the former bull market, shows a decline. Hence, the $SOL supply share of this cohort has dramatically plunged. The respective group accounted for up to 48% of the cumulative supply back in June. However, currently, it just represents lower than 5%. Such a sheer reduction underscores that the holders in this cohort largely quit their positions amid 2024’s $SOL upsurge.
The Data Indicates Rising Confidence among Newly Entering $SOL Holders
In line with the market data, the investor landscape of Solana has seen a pivotal shift. As a noteworthy section of the former $SOL investors have offloaded holdings, the new and more resolute holders have entered the market. Such a remarkable transition often leads to a relatively stable price foundation. Moreover, the slump in the sell-side pressure in the case of the 1-2 year cohort discloses that those endeavoring to leave positions have mostly done so. This likely paves the way for a considerably persistent upward momentum in the $SOL price.
According to Glassnode’s data, the recent growth in the dominance of the long-term $SOL holders highlights an increasing confidence. With the continuous evolution of the network and expansion in investors, the holders’ commitment mirrors optimism about the future role of Solana in the DeFi and blockchain realms.
