Solana Dey See Major Spike for Coin Days Destroyed, Wey Mean Say Market Dey Cautious as Dormant SOL Dey Move Amid Bearish Trend
Solana (SOL) don record big increase for im Coin Days Destroyed (CDD) metric, wey dey show say coins wey bin sleep for long don begin move plenty. Latest data from analytics company Glassnode talk say dem don destroy pass 3.55 billion coin days, one of the biggest jumps for 2024. Previous big CDD jumps for end of February and start of March join times wey market get plenty wahala, e mean say long-term holders fit dey take profit or reposition their coins. Usually, this kain wahala fit mean say Solana price fit drop because savvy investors fit dey sell their holdings. Currently, SOL dey trade around $153.9, drop over 10% dis week, wey show say long-term investors mind don change. Even though price don dey go down for short term, Solana blockchain still strong with good user engagement and plenty transaction volume wey dey support am. Crypto traders suppose dey watch on-chain moves and CDD data well well to catch any sign of price wahala or more sell-offs, cos these patterns don cause more big market reactions before.
Bearish
The big spike for Solana’s Coin Days Destroyed (CDD) show say long-term holders dey move or fit dey sell plenty coins. Normally, this kain move dey cause market wahala and price fall as experienced investors dey take profit or rearrange their position dem. The drop wey SOL price make reach over 10% last week still show say long-term holders dey feel bearish. Even though Solana strong blockchain foundation fit hold am long term, the immediate effect of the dormant coin movement and price go down talk say near-term bearish pressure dey SOL. Traders suppose watch well and dey cautious for more selling wey fit still happen.