DeepBook (deep) 
Solana’s Long-Term Holders Remain Bullish Despite Market Fluctuations
Despite Solana’s recent decline from its all-time high above $263 in November, long-term holders of the cryptocurrency remain increasingly bullish. According to Glassnode, recent selling pressure has primarily stemmed from holders who purchased during the last bull market, a cohort within the one-to-two-year group of buyers who likely took profits as Solana experienced an uptick post-U.S. election.
“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.”
Increasing Conviction Among Long-Term Holders
On-chain metrics for long-term SOL holders suggest an expectation of higher prices. The “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. This increase indicates conviction from buyers who entered the market during the 2024 crypto rally.
Key Statistics:
- The 1-2 year cohort of SOL holders has decreased from 48% in June to just below 5%.
- Long-term SOL holders have increased their positions to 27% of SOL supply.
Solana’s Growing Dominance in Decentralized Exchange Volumes
Solana’s positive outlook is further supported by its increasing dominance in decentralized exchange volumes. For 10 straight weeks, SOL’s market share in DEX volume has outpaced Ethereum and other chains. Additionally, Solana leads Ethereum in new developers in 2024, with 7,625 new developers recorded so far, surpassing Ethereum’s year-to-date count of 6,456.
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