Solana holders believe in a bullish breakout
Glassnode data shows that activity on the SOL network has been declining since it reached a 90-day high on June 4.
Yesterday, the indicator fell to a 30-day low of 0.764, indicating a decrease in sales among long-term SOL holders.
This means that long-term holders of the altcoin are confident in its potential and are betting on an imminent rally. If investors continue to accumulate assets, it could lead to a bullish breakout as soon as market sentiment improves.
Net Unrealized Profit/Loss (NUPL) also indicates the possibility of a bullish breakout. According to G*******e, this metric has been in the 'hope' zone for 30 days and is currently at 0.108.
This means that many investors are already in profit but are not in a hurry to realize it.
The trend indicates cautious optimism among SOL holders and may signal the beginning of a bullish trend.
The next target for SOL is $170:
At the time of publication, SOL is trading at $148.06. If long-term holders continue to accumulate coins and historical patterns hold true, the price will have a chance to break resistance at $158.80. A successful breakout of this barrier will pave the way to $170.
If selling intensifies, SOL will face the risk of losing support at $141.97 with a further pullback to $123.49.
