Current data from Glassnode indicates a surge in long-term holders’ activity in Solana (SOL), demonstrating a growing investor confidence even as the coin hovers around the $230 mark.
When combined with the increased network activity and a remarkable Total Value Locked (TVL) of $9 billion, these trends showcase the coin’s strong momentum and its potential for sustained growth.
Study of Solana’s Holding Patterns
The recent surge in Solana’s price is backed by noticeable activity in its holding patterns. According to Glassnode, the 6-12 month holding group now holds 27% of the total supply, indicating a steadfast belief among buyers since Solana’s 2024 rally.
This pattern suggests that investors are showing resilience by continuing to hold onto their assets rather than selling at present levels, which is a positive sign for the overall health of the network.
The holding patterns illustrate how long-term holders have consistently increased their share of wealth within the Solana ecosystem, especially as SOL’s price nears the $230 range. This data underscores the trust and positivity among investors despite market fluctuations.
Solana’s Price Movement and Resistance Levels
As of the latest update, Solana was valued at $226 after reaching a high of $227. SOL was comfortably trading above both its 50-day and 200-day Moving Averages, indicating a strong bullish trend.
The Relative Strength Index (RSI) stood at 49.62, suggesting neutral market conditions without any immediate signs of being oversold or overbought.
The upward trajectory suggests that SOL is consolidating before a potential breakout. A decisive move above the $230 resistance level could drive the cryptocurrency towards higher targets, with $250 as the next psychological hurdle.
On the downside, the $215 level acts as a crucial support zone, reinforced by increased buying activity during recent drops.
TVL Relationship: Increasing Network Activity
Data from DeFiLlama points out that Solana’s total value locked (TVL) has surged to almost $9 billion, marking a significant uptick in network engagement.
This surge in TVL underscores the heightened user engagement and confidence within the Solana ecosystem, particularly among participants in decentralized finance (DeFi).
The correlation between the rising TVL and holding patterns suggests that long-term holders are not only keeping SOL for speculative purposes but actively using it within the network. This growing TVL often indicates stronger price trends, highlighting increased utility.
Future Prospects for Solana
Considering Solana’s increasing holding patterns, robust TVL, and positive price momentum, the outlook for the asset appears promising. The uptick in long-term holder activity implies reduced selling pressure, while the expanding TVL of the network reflects its growing adoption and utility.
With key resistance levels ahead, Solana seems ready for further advancements as long as market conditions remain favorable. Investors should keep an eye out for a breakthrough above $230 to confirm the continuation of its upward trend.