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Solana: If SOL breaks $230, THIS price target will fall next
A surge in long-term holder activity and a significant increase in total value locked (TVL) have solidified a robust outlook for the Solana ecosystem. The rise in investor confidence has resulted in an upward trajectory for the cryptocurrency, with potential for further gains.
Solana’s long-term holder activity has seen a significant spike, as indicated by Glassnode data. The 6-12 month cohort now holds 27% of the total supply, indicating strong conviction among buyers from Solana’s 2024 rally. This trend suggests that investors are resilient and opting to hold their assets rather than liquidate at current levels. This is a crucial bullish signal for the network’s overall health.
The recent increase in long-term holders has also been accompanied by an equally significant surge in total value locked, which has risen to nearly $9 billion. This data underscores the increasing adoption and utility of the Solana ecosystem, particularly within decentralized finance (DeFi) participants.
The correlation between rising TVL and HODL waves signifies that long-term holders are not only holding SOL for speculative purposes but are actively utilizing it within the network. Increased TVL often correlates with stronger price trends, signifying greater utility.
Solana’s growing HODL waves, strong TVL, and bullish price action signal a robust outlook for the asset. The rise in long-term holder activity suggests reduced selling pressure, while the network’s expanding TVL underscores its increasing adoption and utility.
If Solana breaks $230, it may trigger further gains, potentially propelling SOL to higher targets, such as $250, which serves as the next psychological barrier.
Source: ambcrypto.com
