I think not because if they hodling you won't see this correction/dip/crash(whatever you want to call it) many people are getting out of the boat because if not overall marketcap will stay the same even if they move from coin to coin to profit but instead marketcap is decreasing which tells me that people are actually cashing out.
Some are holding but most the weak hands are still selling out meaning there are greater amount of weak hands compared to those are hodling. Take note also that most are just saying hodl to counteract some FUD that is spreading too much around the cryptoworld.