- Bitcoin ($BTC) super-HODLers have accumulated nearly 3M $BTC, signaling growing bullish sentiment and the potential for a price surge.
- Over 70% of Ethereum ($ETH) holders are profiting, and accumulation continues, suggesting price support and long-term confidence.
- Solana ($SOL) has broken the $160 resistance, with technical indicators suggesting a potential parabolic move and a price target of $370.
- The Bitcoin, Ethereum, and Solana accumulation trends signal strong market sentiment and possible upcoming rallies across major cryptocurrencies.
Bitcoin super-HODLers have amassed nearly 3M $BTC.
Ethereum accumulators control 19M $ETH.
And Solana just cleared the $160 key resistance point.
With Uptober in full swing, is the market preparing for a surge? And what does the accumulation trend mean?
Time to find out.
Bitcoin Accumulation Accelerates
With over 2.9M $BTC now accumulated by long-term holders, the Bitcoin market sentiment is turning increasingly bullish. Historically, such accumulation precedes major price rallies, as scarcity and demand drive prices higher.
The growth of these super-HODLers, who never sell but only buy, is impressive:
- 100K $BTC in 2018
- 700K $BTC (bull market) in 2021
- 1.5M $BTC on January 1, 2024
- 2.9M $BTC today
A CryptoQuant analyst argues that these addresses represent investors who have fully bought into the HODL mindset.
If crypto adoption is early, and the market continues to grow, then long-term growth is almost inevitable, and holding blue-chip crypto makes perfect sense.
In the short term, confidence in Bitcoin’s future growth is evident as investors anticipate another bull run. Accumulation increases the chances of a price surge, following patterns previously seen during pre-rally phases.
And $BTC isn’t the only blue-chip crypto on the move.
Ethereum’s Profitability and Strong Accumulation
Ethereum is also looking greener by the day. Over 70% of holders are currently profiting, and accumulation has surged.
This trend could support price stability and further growth, reflecting high market confidence in Ethereum’s long-term potential, even with mixed short-term technical signals.
Increased accumulation likely implies strong support for Ethereum, especially with broader bullish market sentiment prevailing.
Outside the big blue chips – $BTC and $ETH – one major altcoin shows momentum.
Solana’s Potential Parabolic Breakout and $370 Target
Solana broke through a key resistance level at $160, suggesting major – possibly parabolic – movement.
$SOL’s support above $161 could confirm the formation of a ‘cup and handle’ trade pattern on the charts, setting a price target of $370. That’s a 2.3x increase.
If the breakout happens, it could propel Solana to new highs, with many investors eyeing exponential gains.
$SOL already had a major run at the beginning of 2024 (reaching highs of $191) and now looks poised for another in the last quarter of the year.
Summary: Short-Term Trends Validate Long-Term Strategies
The Bitcoin and Ethereum accumulation trends and Solana’s momentum indicate the return of positive sentiment in the cryptocurrency market.
$ETH and $BTC super-HODLers show that even when the market was down, a significant number of investors never lost confidence.
Now, long-term holders are showing renewed confidence, and technical indicators point to possible rallies for these assets.
With excitement spreading for both investors and analysts alike, Uptober could be the beginning of a significant market shift.
References
- Bitcoin Accumulation Hits 2.9M BTC (Bitcoinist)
- The Total Amount in Bitcoin Accumulation Addresses Has Surpassed 2.9M (CryptoQuant)
- Ethereum Accumulation Rises as 70% Holders are in Profit (News BTC)
- Solana Could Go Parabolic (News BTC)
