While Solana has pared gains since hitting an all-time high above $263 in November, long-term holders are increasingly bullish.
As hodlers double down on their Solana (SOL), Glassnode has pointed to recent selling pressure as having come from last bull market’s holders. This is a cohort in the one-to-two-year group of buyers that likely elected to take profits as Solana rode the crypto uptick post-U.S. election to its current bull cycle peak.
“The 1-2 year cohort has steadily diminished, dropping from 48% in June to just below 5% now. These were investors from the previous bull run who largely took profits during this year’s rally. For now, those who wanted to sell SOL have likely sold,” the platform wrote on X.
According to Glassnode, Solana investors have largely become hodlers as they look to catch a new leg up. The expectation of higher prices is mainly visible via on-chain metrics for long-term SOL holders.
This cohort’s “share of wealth locked in the network is growing,” analysts at Glassnode noted, with new holders in the six to 12-month holders increasing their positions to 27% of SOL supply. According to the on-chain and financial metrics provider, this jump suggests conviction from buyers who entered the market during the 2024 crypto rally.
Solana’s realized value HODL waves chart indicates how long SOL holders have held coins in wallets before spending.
Solana outpaces Ethereum in DEX volume
The positive outlook for Solana comes as the smart contracts blockchain increases its dominance across decentralized exchange volumes.
SOL’s market share in DEX volume across all chains has outpaced Ethereum and other chains for 10 straight weeks. Meanwhile, Solana leads Ethereum in new developers in 2024. Data shows Solana has surpassed the world’s top altcoin network’s run of eight years as the apex platform for new developers.
In its report, crypto-focused early-stage venture firm Electric Capital said Solana has so far recorded 7,625 new developers, higher than Ethereum’s year-to-date count of 6,456.
