As a seasoned crypto investor with a knack for spotting trends and a portfolio that includes Solana (SOL), I find myself increasingly optimistic about the future of this digital asset. After navigating through numerous market cycles, I can attest to the ebb and flow of investor sentiment, and the recent selling pressure seems to have subsided, with long-term holders doubling down on their SOL.
Despite Solana experiencing a decrease in gains since it reached its record high of over $263 in November, there seems to be growing optimism among long-term investors.
In my analysis, I’ve noticed an increase in Solana (SOL) holdings among investors, a trend that seems to be strengthening. However, Glassnode’s insights suggest that the recent selling pressure might be coming from those who bought during the last bull market, approximately a year or two ago. It appears these investors may have chosen to cash out as Solana experienced its peak in the crypto uptick following the U.S. election, likely capitalizing on their profits.
The percentage of investors active within the one-to-two year period has significantly decreased, falling from 48% in June to approximately 5% currently. These investors were predominantly from the previous market surge and chose to cash out during this year’s price increase. It seems that those who wished to sell Solana (SOL) have probably done so by now.” [The platform posted this observation on X]
Based on data from Glassnode, it appears that the majority of Solana investors are now holding onto their coins, hoping to capitalize on further price increases. This optimistic outlook is primarily reflected in long-term SOL holder activity through various on-chain metrics.
Analysts at Glassnode have observed that a larger portion of the Solana network’s wealth is being held by its users, as the proportion of SOL supply owned by new holders who have been in the network for 6 to 12 months has risen to 27%. This growth indicates strong belief from investors who joined the cryptocurrency market during the 2024 crypto rally, based on the data provided by Glassnode, which tracks on-chain and financial metrics.
The graph showing Solana’s realized value HODL waves demonstrates the duration for which coin holders have kept their SOL in their wallets before making any transactions.
Solana outpaces Ethereum in DEX volume
The optimistic view on Solana is growing, as its role as a smart contracts blockchain expands and it becomes more prominent in the trading volumes of decentralized exchanges.
For ten consecutive weeks, Solana’s market share in total DEX volume across all blockchains has exceeded that of Ethereum and other chains. Moreover, in the year 2024, Solana is dominating Ethereum when it comes to attracting new developers. The data indicates that Solana has surpassed Ethereum’s position as the preferred platform for new developers, a title Ethereum held for eight consecutive years.
According to a report from Electric Capital, a venture firm specializing in cryptocurrency, Solana has seen the addition of 7,625 new developers so far – a number greater than Ethereum’s year-to-date total of 6,456.
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2024-12-13 21:05