Solana's investor base remains committed to the network despite the market correction. Recent on-chain data shows an increase in long-term holders, indicating a strong belief in the asset's future.
Although Solana's price has decreased by 18% from its all-time high, long-term holders continue to hold their assets, suggesting confidence in the cryptocurrency's upward trajectory. The proportion of investors holding assets for 6-12 months has grown to represent 27% of the total supply, reflecting a stable and optimistic investor profile.
On the other hand, the percentage of investors holding assets for 1-2 years has significantly decreased. This shift in market sentiment, with fewer long-term holders looking to sell, creates a more stable supply-demand dynamic and favorable conditions for potential price rallies.
Technical analysis also supports the possibility of Solana achieving new all-time highs, with some analysts speculating a price target of $4,000. The combination of reduced selling pressure and a growing base of committed investors positions Solana as a strong contender in the cryptocurrency market.