The recent drop to $60k imposed drastic psychological pressure on “diamond hands,” comparable to the May 2022 LUNA crash.


In both cases, the 7D EMA of Long-Term Holder SOPR fell below 1 after trading for 1-2 years above it.
Simply put, long-term holders realized significant losses—a rare shift in conviction typically seen in deeper stages of bear markets.
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LUNA-3.13%
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