So far this month, Solana (SOL) has struggled to break free from its muted performance, with price action largely trending sideways. The coin has faced consistent resistance at $213.04, while support has held steady at $200.09.
Interestingly, amid this lackluster price action, on-chain data points to a quiet buildup of bullish momentum, with the coin’s short-term holders (STHs) leading the charge.
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Solana Sentiment Shifts From Capitulation to Cautious Confidence
According to Glassnode, SOL’s HODL Waves, a metric that tracks how long coins have been held, reveals that its short-term holders are becoming increasingly active.
These investors who have held their coins between one and three months currently control 13.22% of SOL’s circulating supply, increasing their collective holdings by 11% since the beginning of September.
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Moreover, SOL’s STH Net Unrealized Profit/Loss (NUPL) metric shows sentiment shifting away from capitulation. At press time, it stands at 0.118, suggesting that these investors are beginning to regain confidence.
Author: Abiodun Oladokun
